IG Acquisition Corp. announced a private placement of a convertible promissory note in the principal amount of up to $608,601.12 on September 29, 2022. The transaction included participation from returning investor IG Sponsor LLC.

The Note bears no interest and is due and payable upon the earlier of (i) April 5, 2023 or (ii) the date on which the Company consummates its initial business combination. At the election of the investor, all or a portion of the unpaid principal amount of the Note may be converted into warrants of the Company, each warrant exercisable for one share of Class A common stock of the Company upon the consummation of an initial business combination.