Nubia Brand International Corp. announced a private placement of unsecured, non-interest bearing promissory note for proceeds of $565,000 on September 29, 2023. The transaction included participation from new investor Embark Holdings, LLC.

The maturity date of the Note shall be upon the closing of a Repayment/Conversion Trigger Event, as such term is defined below, and the holder of the Note, in its sole discretion, may convert any or all of the unpaid principal under the Note into the shares of the Company?s Class A common stock, at a price of $10.00 per share, upon consummation of the Company?s initial business combination.