TradeUP Acquisition Corp. announced that it has issued unsecured promissory note for the gross proceeds of $60,000 on June 9, 2023. The transaction included participation from new lender TradeUps, Inc. The Promissory Note bears no interest and is payable in full upon the earlier to occur of the consummation of the Business Combination or the date of expiry of the term.

The following shall constitute an event of default a failure to pay the principal within five business days of the Maturity Date, the commencement of a voluntary or involuntary bankruptcy action, the breach of the Company's obligations thereunder, any cross defaults, an enforcement proceedings against the Company; and any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case the Promissory Note may be accelerated. The payee of the Promissory Note, Tradeup INC. has the right, but not the obligation, to convert the Promissory Note, in whole or in part, respectively, into private shares of the common stock of the Company, as described in the prospectus of the Company (File No.: 333-253322), by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the Business Combination. The number of Conversion Shares to be received by the Payee in connection with such conversion shall be an amount determined by dividing the sum of the outstanding principal amount payable to such Payee by $10.00.

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