Aquaron Acquisition Corp. announced a private placement of an unsecured promissory note at an issue price of $20,000 in the aggregate principal amount of $20,000 for the gross proceeds of $20,000 on May 2, 2024. The transaction included participation from returning investor Bestpath (Shanghai) IoT Technology Co., Ltd. The note does not bear interest and mature upon closing of a business combination by the company.

In addition, the note may be converted by the holder into shares of common stock of the company identical to the common stock issued in the company?s initial public offering at a price of $10 per unit.