Ivanhoe Capital Acquisition Corp. (NYSE:IVAN) announced that it has entered into a definitive agreement for private placement of an unsecured convertible promissory note for gross proceeds of up to $1,500,000 on April 9, 2021. The transaction included participation from Robert Friedland, chairman and chief executive officer of the company. All unpaid principal under the convertible note will be due and payable in full on the earlier of January 11, 2023 and the effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the company and one or more businesses. The investor have the option, at any time on or prior to the maturity date, to convert any amounts outstanding under the convertible note into warrants to purchase the company's Class A ordinary shares at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the company’s initial public offering. No interest shall accrue or be payable on the unpaid balance of the note.