Newcourt Acquisition Corp announced a private placement to issue non convertible note for the gross proceeds of $750,000 on July 13, 2023. The transaction will include participation from returning lender Newcourt SPAC Sponsor LLC. The Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date on which the Company consummates an initial business combination that is maturity date.

The Sponsor may elect to convert any portion or all of the amount outstanding under the July 2023 Note, up to a maximum of $1,000,000, into securities of the Company. The issuance of the July 2023 Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.