Acri Capital Acquisition Corporation announced a private placement of an unsecured convertible promissory note to returning investor Acri Capital Sponsor LLC for the gross proceeds of $75,000 on January 10, 2024. The note is non-interest bearing and payable on the earlier of consummation of the company?s initial business combination and the date of the liquidation of the company. The principal balance may be prepaid at any time, at the election of the company.

The holder of the note has the right, but not the obligation, to convert the note, in whole or in part, respectively, into private placement warrants of the company, by providing the company with written notice of its intention to convert the note at least two business days prior to the closing of the company?s initial business combination. The issuance of the note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.