Newbury Street Acquisition Corporation announced that on May 12, 2022 issued a promissory note (the “Note”) in the principal amount of $400,000 to the Company' sponsor, Newbury Street Acquisition LLC (the “Sponsor”), on May 3, 2022. On March 15, 2023, the Company amended and restated the Note (the “Amended Note”) in its entirety to (1) increase the principal amount thereunder from $400,000 to $900,000 and (2) remove the right of the holder of the Amended Note to convert all or any portion of the unpaid principal balance of the note into the Company's units and related registration rights for such units (including underlying securities). The Amended Note is non-interest bearing and is payable on the earlier of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective.

The issuance of the Amended Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.