IG Acquisition Corp. announced a private placement of a convertible promissory note in the principal amount of up to $500,000 on November 11, 2021. 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) October 5, 2022 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. The Conversion Warrants are identical to the warrants issued by the Company to the investor in a private placement in connection with the Company's initial public offering.