DHB Capital Corp. announced a private placement of a promissory note in the principal amount of up to $1,000,000 on November 16, 2022. The transaction included participation from returning investor DHB Capital LLC.

If the company completes an initial business combination, the company would repay the note out of the proceeds of the trust account released to the company. Otherwise, the note would be repaid only out of funds held outside the trust account. In the event that a business combination does not close, the company may use a portion of the working capital held outside the trust account to repay the note but no proceeds from the trust account would be used to repay the note.

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. No interest shall accrue on the unpaid principal balance of note.