Ackrell SPAC Partners I Co. announced that it has closed a private placement of an unsecured promissory note for gross proceeds of $385,000 on April 27, 2022. The transaction included participation from North Atlantic Imports, LLC.

The note was issued at par, is unsecured, non-interest bearing and payable in cash upon the closing of the company's initial business combination. In the event that the company fails to complete an initial business combination prior to the deadline set forth in its governing document, no payment will be due under the note and the principal balance of this note will be forgiven.