Lerer Hippeau Acquisition Corp. announced a private placement of $650,000 principal amount of its unsecured promissory note on June 27, 2022. The transaction will include participation from returning investor LHAC Sponsor LLC.

The entire unpaid principal balance of this note shall be due and payable in full on the earlier of (i) March 9, 2023, which is the date that is 24 months from the closing of Maker's initial public offering of its securities, or if the period of time that maker has to consummate a business combination is extended as a result of an amendment to its amended and restated certificate of incorporation, the latest date of such extended period, and (ii) the date on which maker consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses unless accelerated upon the occurrence of an event of default. This note shall bear interest at the lowest short-term applicable federal rate in effect as of the date hereof. Interest shall accrue and be due and payable in full on the earlier of (i) the Maturity Date and (ii), if the principal balance is prepaid at any time by Maker as set forth in Section 1 hereof, such prepayment date.

The Conversion Shares that may be issued pursuant to the Note would not be registered under the Securities Act of 1933, as amended, and would be issued in reliance on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act.