Sandbridge X2 Corp. announced that it has issued an unsecured promissory note for gross proceeds of $1,500,000 in a round of funding on May 11, 2022. The transaction will included participation from returning investor Sandbridge X2 Holdings LLC. The note does not bear any interest and is repayable in full upon consummation of the company's initial business combination. If the Company does not complete a Business Combination, the note will not be repaid and all amounts owed under it will be forgiven except to the extent that the company has funds available to it outside of its trust account established in connection with its initial public offering. Upon the consummation of a Business Combination, the investor will have the option, but not the obligation, to convert up to the principal balance of the note into warrants, at a price of $1.50 per warrant. The terms of the warrants will be identical to the terms of the warrants issued by the Company to the investor issued in the transaction. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. The Note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

On the same date, the company received $500,000 in its first tranche.