Clarim Acquisition Corp announced a private placement of promissory note with returning investor Clarim Partners, LLC for gross proceeds of $600,000 on March 31, 2022. The Note bears no interest and is not secured by the Company's assets. The principal balance of the Note is due and payable by the Company on the earlier of February 2, 2023 or the date on which Company consummates the Initial Business Combination.

The principal under the Note may be drawn down by the Company from time to time prior to the Maturity Date. Each Drawdown Request must not be an amount less than $10,000, unless otherwise agreed upon by the parties. Each Drawdown Request by the Company shall be funded by Sponsor within five business days.

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. The note will convert into that number of warrants of the Company or its successor entity, equal to the outstanding amount of the Note being so converted, divided by $1.50, rounded up to the nearest whole number of warrants.