Battery Future Acquisition Corp. announced a private placement to issue an unsecured convertible promissory note at an issue price of $150,000 for the gross proceeds of $150,000 on December 20, 2023. The transaction included participation from returning investor Pala Investments Limited.

Pursuant to the Note, company agreed to repay the outstanding principal amount of the Note on the earlier of the date of company's liquidation and the date on which the business combination is consummated. At any time on or prior to the Maturity Date, Pala may elect to convert the outstanding principal balance and interest accrued on the Note into warrants to purchase Class A ordinary shares at a conversion price equal to $1.00 per warrant, subject to availability. The Note bears interest at a rate of 10% per annum.