Pegasus Digital Mobility Acquisition Corp. announced a private placement and it has issued a non-convertible unsecured February 2024 promissory note for gross proceeds of up to $1,000,000 February 27, 2024. The transaction included participation from returning lender, Pegasus Digital Mobility Sponsor Llc.

The note have a principal amount of up to $1,000,000. The February 2024 promissory note bears no interest and is repayable in full upon the earliest of April 30, 2024, the date on which the company consummates a business combination, or within three business days of the receipt by the company of a break-fee, termination fee or similar arrangement in connection with a potential business combination. If the company does not consummate a business combination, the February 2024 promissory note will not be repaid and all amounts owed under the February 2024 promissory note will be forgiven except to the extent that the company has funds available to it outside of its trust account.

All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this note, including (without limitation) reasonable attorney?s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this note.