SHUAA Partners Acquisition Corp I announced a private placement to issue unsecured promissory note in the total principal amount of up to $840,000 on June 1, 2023. The Promissory Note does not bear interest and matures upon closing of the Company's initial business combination. In the event that the Company does not consummate a business combination, the Promissory Note will be repaid only from amounts remaining outside of the Trust Account, if any.

If the Company does complete an initial business combination, the Company will, at the option of the Sponsor, repay such loaned amounts out of the proceeds of the Trust Account released to the Company or convert a portion or all of the total loan amount into warrants at a price of $1.00 per warrant, which warrants will be identical to those private placement warrants sold to the Sponsor by the Company in connection with the IPO. $210,000 of the initial principal amount of the Promissory Note will be deposited in the Trust Account by June 8, 2023.