Between April 17, 2023 and April 20, 2023, Appreciate Holdings, Inc. closed the transaction. The company amended the terms of the transaction. The company received $870,000 in second tranche from four accredited investors including Directors M. Joe Beck and the Company's CEO and Director prior to the business combination Thomas Hennessey.

The investors paid $290,000 to acquire the debentures. the Company issued to the investors warrants to purchase an aggregate of 116,000 shares of Class A Common Stock. The warrants are immediately exercisable at an exercise price of $5.00 per share and include a cashless exercise provision.

The warrants expire five years from the date of issuance.