Innovative International Acquisition Corp. entered into a material definitive agreement for the private placement of an unsecured promissory note at an issue price of $500,000 for gross proceeds of up to $500,000 on May 10, 2023. The transaction included participation from returning lender, Innovative International Sponsor I LLC.

The note bears no interest and the principal balance is payable on the date of the consummation of the Company's initial business combination. The note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. 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.