Everest Consolidator Acquisition Corporation announced that it has issued non convertible unsecured promissory note for gross proceeds of up to $1,500,000 on May 7, 2023. The transaction included participation from Everest Consolidator Sponsor, LLC. The note obliges the company to repay the total amount drawn, together with accrued interest at the rate of 6% on the total amount drawn, provided that the total repayment amount shall not exceed $1,500,000 plus the applicable Interest.

The Note is repayable in full on the earlier of December 31, 2023 or the consummation of the company's initial business combination.