Deep Lake Capital Acquisition Corp. announced that it has entered into security purchase agreement for the issuance of unsecured convertible promissory note in the amount of up to $1,500,000 on March 29, 2022. The transaction included participation from Deep Lake Capital Sponsor LP.

The unsecured convertible promissory note will bear no interest rate and is repayable in full upon the earlier to occur of the consummation of its initial business combination and the winding up of the company. The note also provides that all or any portion of the note may be converted into warrants, at a price of $1.00 per warrant, at the option of the holder and at any time prior to payment in full of the outstanding principal amount of the note. Each drawdown request must state the amount to be drawn down and must not be an amount less than $1,000.

The warrants would be identical to the private placement warrants issued to the holder at initial public offering of the company. The note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933.