Iron Spark I Inc. announced a private placement of two unsecured promissory notes for an aggregate proceeds of $395,000 on August 24, 2022. The transaction will include participation from individual investor, Joshua L. Spear for $250,000 and returning investor, Iron Spark I LLC for $145,000. The notes do not bear interest and mature upon closing of a business combination by the company.

In addition, the notes may be converted by the holder into common stock of the company at a price of $10 per share.