Pegasus Digital Mobility Acquisition Corp. announced a private placement of unsecured promissory note in the principal amount of $719,907.30 . The transaction involved participation from returning investors Pegasus Digital Mobility Sponsor Llc.

The Extension Note bears no interest and is repayable in full upon the earliest of December 31, 2023, the date on which the Company consummates a business consummation, or within three business days of the receipt by the Company of a break-free, termination fee or similar arrangement in connection with a potential business combination. If the Company does not consummate a business combination, the Extension Note will not be repaid and all amounts owed under the Extension Note will be forgiven except to the extent that the Company has funds available to it outside of its Trust Account.