Gardiner Healthcare Acquisitions Corp. announced a private placement of unsecured promissory notes to Moss Ridge PTY LTD for a principal amount of up to $167,000 on March 31, 2023. Pursuant to the terms of the convertible notes, each payee will have the option, at any time on or prior to the maturity date, to convert any amounts outstanding under the convertible notes into warrants to purchase the company's shares of common stock, par value $0.0001 per share at a conversion price of $1 per warrant, with each warrant entitling the holder to purchase one share of common stock at a price of $11.50 per share, subject to the same adjustments applicable to the transaction.

All unpaid principal under the convertible notes will be due and payable in full on the earlier of June 27, 2023 and the date on which the company consummates an initial business combination.