Bite Acquisition Corp. announced a private placement of a convertible promissory note for proceeds of $350,000 on February 10, 2022. No interest is paid on the note in the transaction.
At investor's option, on the Maturity Date in the event the company consummates its initial business combination, investor may elect to convert all or any portion of the principal outstanding under this Note into that number of units equal to: (i) the portion of the principal amount of this Note being converted, divided by (ii) $10.00, rounded up to the nearest whole number. The transaction included participation from returning investor Smart Dine LLC.