BioPlus Acquisition Corp. announced that it has issued non convertible promissory note for the gross proceeds of $1,500,000 on June 8, 2023. The transaction included participation from new lender BioPlus Sponsor LLC.

The Company will deposit $250,000 into the Trust Account for each calendar month, or portion thereof, that is needed by the Company to complete an initial business combination until December 7, 2023 and such amount will be distributed either to all of the holders of Public Shares upon the Company's liquidation or holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Initial Business Combination. The Note bears no interest and is repayable in full upon the date of the consummation of the Initial Business Combination or the liquidation of the Company. Notwithstanding, at the Sponsor's election at any time prior to payment in full of the principal balance of the Note, the Sponsor may elect, subject to certain limitations set forth therein, to convert the unpaid principal balance of this Note into that number of units, each unit consisting of one Class A Ordinary Share of the Company and one half of one warrant, each whole warrant exercisable for one Class A Ordinary Share of the Company, equal to the portion of the principal amount of this Note being converted pursuant to the Note, divided by $10.00, rounded up to the nearest whole number of units.

The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.