Jaws Mustang Acquisition Corporation announced that it has issued a promissory note at price of $500,000 for gross proceeds of $500,000 on January 19, 2023. The transaction included participation from returning investor Mustang Sponsor LLC. The note bears no interest and is due and payable upon the consummation of the company's initial merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination, involving the company and one or more businesses.

At the election of the Payee, all or a portion of the unpaid principal amount of the Note may be converted into warrants of the company, at a price of $2.00 per warrant, each warrant exercisable for one Class A ordinary share, $0.0001 par value per share, of the company. The Warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company's initial public offering. 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.