E.Merge Technology Acquisition Corp. announced that it has entered into an agreement to issue a promissory note for gross proceeds of $3,441,688 on June 28, 2022. The transaction will include participation from returning investor E.Merge Technology Sponsor LLC.

The note will not bear any interest. The transaction may be draw down from time to time before the maturity date upon written request from the company to the investor. Each draw down must be not less than $10,000 unless agreed upon the the company and the investor.

The transaction is expected to complete upon November 4, 2022 or the date of the consummation of the company's initial business combination or the date of the liquidation of the company. At the investor's option, at any time prior to payment in full of the principal balance of the note, investor may convert up to $1,000,000 of the unpaid principal balance of the note into that number of units, each unit consisting of one share of Class A common share and one third of one warrant, each whole warrant is exercisable into one share of Class A common stock equal to: the portion of the principal amount of this Note being converted pursuant to this Section 17, divided by $10.00, rounded up to the nearest whole number of units.