Peak Bio, Inc. announced that it entered into a purchase agreement for the private placement of unsecured convertible promissory notes in the aggregate principal amount of $2,195,034 and 3,658,390 warrants on April 28, 2023. The notes will be convertible into common shares at a price per share of $0.60 per share. For each share into which a note is convertible, an investor will receive warrants to purchase an equal amount of shares at a price per share of $0.60.

Interest shall accrue on the unpaid principal balance of this Note at a rate equal to six percent per annum from the closing date. The aggregate unpaid principal amount of this note, plus all accrued and unpaid total interest thereon, shall be due and payable on six months from the date of issuance.