Atlas Crest Investment Corp. II announced a private placement of one unsecured promissory note for gross proceeds of $750,000 on February 3, 2022. The transaction included participation from returning investor Atlas Crest Investment II LLC.

The note is unsecured, bears no interest and is payable in full upon the consummation of the company's initial business combination. At the election of investor, all or a portion of the unpaid principal amount of the note may be converted into a number of warrants to purchase shares of common stock, par value $0.0001 per share, of the company equal to the portion of the principal amount of the note being converted, divided by $1.50. The notes were issued at par.