AIB Acquisition Corporation announced that it has entered into a definitive agreement for a private placement to issued convertible promissory note for gross proceeds of up to $500,000 on January 23,2023. The transaction included participation from returning investors AIB LLC. The note have a principal amount of $500,000.

The note bears no interest bearing and is due and payable upon the earlier to occur of the date on which the company consummates its initial business combination and the date that the winding up of the company is effective. The principal balance may be prepaid at any time, at the election of maker before maturity date. At the election of the investor, up to $500,000 of the unpaid principal amount of the note may be converted into units of the company, each unit consisting of one class A ordinary share of the maker and one right exchangeable into one-tenth of one class A ordinary share of the company the conversion units, equal to the portion of the principal amount of this note being converted, divided by $10 rounded up to the nearest whole number of units.

The conversion units are identical to the units issued by the company to the investor in the private placement upon consummation of the company's initial public offering. The conversion units and their underlying securities are entitled to the registration rights set forth in the note. The issuance of the note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.