MicroAlgo Inc. entered into various convertible note purchase agreements with certain investors for issuance of unsecured convertible promissory notes for gross proceeds of $11,000,000 on February 27, 2024. The note has a term of 360 days commencing on February 28, 2024. The notes carry an aggregate original issue discount of $770,000.

Each investor has the right to elect to convert all or a portion of the outstanding balance under the note into ordinary shares of $0.001 each. Upon occurrence of an event of default, the interest rate shall accrue on the outstanding balance at the rate equal to 10% per annum.