Ackrell SPAC Partners I Co. announced a private placement of one unsecured promissory note for gross proceeds of $1,380,000 on December 23, 2021. The transaction included participation from Ackrell SPAC Sponsors I LLC.

The note is non-interest bearing, non-convertible and unsecured. The principal balance may be prepaid in whole or in part at any time and from time to time prior to the maturity date. All amounts due under the note shall be repaid in cash.

The initial business combination of the company is expected to close on March 23, 2022. In the event that a business combination has not been consummated prior to the termination date, no payment shall be due and the principal balance of the note shall be forgiven.