Appreciate Holdings, Inc. announced that it has entered into a private placement of convertible debentures to two accredited investors for the aggregate principal amount of $70,000 on April 28, 2023. The transaction will include participation from Laurie Hawkes and the company's CEO and director Chris Laurence. The company issued to the investors warrants to purchase an aggregate of 28,000 shares of Class A common shares, $0.0001 par value.

The warrants are immediately exercisable at an exercise price of $5 per share and include a cashless exercise provision. The warrants expire 5 years from the date of issuance.