Slam Corp. announced that it has issued an unsecured promissory note for gross proceeds of $150,000 on April 5, 2022. The transaction will include participation from returning investor Slam Sponsor, LLC.

The note does not bear any interest and is repayable in full upon consummation of the company's initial business combination. If the Company does not complete a business combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a business combination, the investor shall have the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into private placement warrants at a price of $1.50 per private placement warrant.

The note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the note and all other sums payable with regard to the Note becoming immediately due and payable.