Slam Corp. announced that it has issued an unsecured promissory note to Slam Sponsor, LLC for gross proceeds of $150,000 on August 31, 2022. 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 the business combination, the note shall not be repaid and all amounts owed under it will be forgiven and upon the consummation of a business combination, the investor may choose to convert the principal balance of the note, in whole or in part, into warrants at a price of $1.50 per warrant. The note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.