Learn CW Investment Corporation announced a private placement of an amended and restated promissory note in the principal amount of up to $2,487,000 on December 29, 2023. The transaction included participation from returning investor Cwam LC Sponsor LLC. The note may be drawn down by the company from time to time prior to the earlier of October 13, 2024 and the date on which the company consummates an initial business combination.

Upon the consummation of a business combination, the investor will have the option to convert up to $1,500,000 of the principal balance of the note into private placement warrants of the company at a price of $1 per private placement warrant. The Restated Note does not bear interest.