MONTEREY INNOVATION ACQUISITION CORP. Monterey Bio Acquisition Corporation announced a private placement of unsecured promissory note for gross proceeds of up to $700,000 on October 7, 2022. The transaction will include participation from Northstar Bio Ventures, Llc for up to $525,000 , Chardan Monterey Investments LLC for up to $175,000. The proceeds of the Notes, may be drawn down from time to time prior to the Maturity Date upon request by the Company.
The Notes bear no interest and each principal balance is payable on the date of the consummation of the Company?s initial business combination. On or before the Maturity Date, each investor has the option to convert all or any portion of the principal outstanding under its Note into warrants at a conversion price of $1.00 per warrant. The issuance of the each Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
