ALSP Orchid Acquisition Corporation I announced that it has entered into a securities purchase agreement of a unsecured promissory note for gross proceeds of $350,000 on April 28, 2023. The transaction included participation from returning investor, ALSP Orchid Sponsor LLC. The note bears interest at a rate of 4.8% per annum.

The principal balance of the note, and any accrued interest thereon, will be payable on the earliest to occur of the date on which the company consummates an initial business combination or the date that the winding up of the company is effective.