Levere Holdings Corp. announced that it has completed a private placement of an unsecured promissory note for gross proceeds of $960,000 on May 13, 2022. The note was issued at par to returning investor Goggo Network.

The note is non-interest bearing and due and payable on the date the company consummates its qualifying business combination. The principal balance of the note may be prepaid at any time. Upon the consummation of a qualifying business combination, the investor shall have the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into private placement warrants at a fixed conversion price of $1.50 per warrant.

The note is subject to customary events of default, the occurrence of which automatically cause the unpaid principal balance of the note and all other sums payable with regard to the note to become immediately due and payable. The company issued the note pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.