Churchill Capital Corp V announced a private placement of an unsecured convertible promissory note in the principal amount of $1,500,000 on August 30, 2021. The transaction included participation from returning investor Churchill Sponsor V LLC. The note does not bear interest and is repayable in full upon the earlier of the date of consummation of the company’s initial business combination, and the winding up of the company. The investor has the option, at any time prior to payment in full of the principal balance of the note, to convert all or a portion of the unpaid principal balance of the note into that number of warrants to purchase one share of Class A common stock of the company equal to the principal amount of the note so converted divided by $1. Each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50. 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.