A SPAC I Acquisition Corp. announced a private placement of a convertible unsecured promissory note at an issue price of $200,000 for gross proceeds of $200,000 on June 12, 2023. The transaction included participation from returning investor, A SPAC (Holdings) Acquisition Corp.

The note shall be payable promptly on demand and, in any event, no later than the date on which the company terminates or consummates an initial business combination. Such note is convertible into warrants having the same terms and conditions as the public warrants, at the price of $1.00 per warrant, at the option of the investor. The note does not bear interest.