Kensington Capital Acquisition Corp. IV announced it has issued a promissory note for gross proceeds of $200,000 on March 24, 2021. The loan is non-interest bearing and amounts due under the note may, at the option of our sponsor, be converted into the working capital loans.

The working capital loans would either be repaid upon consummation of the company's initial business combination or, at the lender's discretion, up to $2,000,000 of such Working Capital Loans may be convertible into warrants of the post business combination entity at a price of $0.50 per warrant.