Atlantic Coastal Acquisition Corp. announced a private placement of non-interest bearing, unsecured convertible promissory note in the aggregate principal amount of $80,000 on July 3, 2023. The transaction included participation from returning investor Atlantic Coastal Acquisition Management LLC.

The amount was deposited into the company’s trust account. The sponsor may elect to either receive repayment under the note or to convert all or a portion of the amount loaned under the note into class A common stock of the company at a price equal to $10 per share.