Malacca Straits Acquisition Company Limited announced a private placement and issued an unsecured promissory note for gross proceeds of up to $1,000,000 on March 31, 2023. The transaction included participation from returning lender, Malacca Straits Management Company Limited. The note have a principal amount of up to $1,000,000.

The note is non-interest bearing and payable on the earlier of the date on which the business combination is consummated and the date of the liquidation of the company.