Astrea Acquisition Corp. (NasdaqCM:ASAX) announced a private placement of a promissory note for gross proceeds of $350,000 on March 17, 2021. The transaction included participation from returning investor, Astrea Acquisition Sponsor LLC. The note is non-interest bearing and payable upon the consummation by the company of a merger, share exchange, asset acquisition, or other similar business combination with one or more businesses or entities. Upon consummation of a business combination, the investor will have the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into units of the company, each unit comprised of one common share and one-half of one warrant to purchase one common share at an exercise price of $11.50 per share, at a price of $10.00 per unit. The units issued as a result of conversion of the note will be identical to the units issued by the company in its initial public offering except that the warrants underlying the units will not be redeemable by the company and may be exercised for cash or on a cashless basis so long as they are held by the initial holder or its permitted transferees. The issuance of the note was exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.