Plum Acquisition Corp. I announced that it has entered into a material definitive agreement and issued an unsecured non-convertible promissory note for gross proceeds of up to $1,090,000 on July 25, 2023. The initial draw in the amount of $750,000 occurred on July 25, 2023. The Note does not bear interest, matures on the date of consummation of the Business Combination and is subject to customary events of default. The Note will be repaid only to the extent that the Company has funds available to it outside of its trust account established in connection with its initial public offering, and is convertible into private placement warrants of the Company at a price of $1.50 per warrant at the option of the Sponsor.
The Note was issued, and any private placement warrants and underlying shares will be issued, pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.