Appreciate Holdings, Inc. announced that it has entered into agreement for a private placement of convertible debentures to several accredited investors for the aggregate principal amount of $1,207,500 on March 27, 2023. The transaction will include participation from new investors HC PropTech Partners II LLC and Lake Street Landlords, Llc. The investors paid $402,500 to acquire the debentures.

The company will also issue warrants to purchase an aggregate of 1,000,000 shares of Class A common shares. The warrants are immediately exercisable at an exercise price of $5 per share and will expire five years from the date of issuance. The debentures mature twelve months after the date of issuance, unless extended by the company, and accrue no interest.