Golden Arrow Merger Corp. announced a private placement that it has issued an unsecured convertible promissory note to the returning investor, Golden Arrow Sponsor, LLC for the gross proceeds of $510,000 on April 3, 2024. The Note bears no interest and the principal balance is payable on the date of the consummation of the Company?s initial business combination.

On or before the Maturity Date, the Sponsor has the option to convert all or any portion of the principal outstanding under the Note into warrants at a conversion price of $1.50 per warrant, provided that the aggregate of such Working Capital Warrants, together with any warrants issued upon conversions pursuant to the promissory notes, dated February 25, 2022, August 26, 2022 and March 8, 2023, do not exceed 1,000,000 warrants. 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.