AIB Acquisition Corporation announced a private placement to issue a non-convertible promissory note in the aggregate principal amount of up to $750,000 on October 19, 2023. The transaction included participation from returning investor AIB LLC. The note bears no interest and is repayable in full upon the earlier of the date of the consummation of the Business Combination and the date of the liquidation of the company.

The company will deposit $50,000 per month into the Trust Account, which equates to approximately $0.05 per remaining Public Share, for each calendar month until January 21, 2025, or portion thereof, that is needed to complete an initial business combination, for up to an aggregate of $750,000. On October 20, 2023, the first installment of the extension funds was deposited into the Trust Account. After such funding, the Trust Account contains approximately $11.26 per remaining Public Share outstanding.

The transaction has been approved by the shareholders of the company.