Alpine Acquisition Corporation announced that it issued promissory note for gross proceeds of $100,000 on February 22, 2023. The transaction included participation from returning investor Alpine Acquisition Sponsor LLC. The securities are non-interest bearing and payable upon the consummation by the company of a merger, share exchange, asset acquisition, or other similar business combination with one or more businesses or entities.

Upon consummation of a business combination, the sponsor will have the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into warrants of the company, with each warrant entitling the holder to purchase one share of the company's common stock at an exercise price of $11.50 per share. The warrants issued as a result of conversion of the note will be identical to the warrants included in the units issued by the company in its initial public offering. The issuance of the Note was exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.