Gesher I Acquisition Corp. announced a private placement of a promissory note for gross proceeds of $75,000 on January 18, 2023. The transaction will include participation from returning investor Gesher I Sponsor LLC.

The note is payable upon the consummation by the company of a merger, share exchange, asset acquisition, or other similar business combination with one or more businesses or entities. Upon consummation of a business combination, Gesher I Acquisition Corp. will have the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into warrants of the company, each to purchase one ordinary share of the company at an exercise price of $11.50 per share.

The warrants issued as a result of conversion of the note will be identical to the warrants issued by the company in its initial public offering. The issuance of the note was exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.