Integral Acquisition Corporation 1 announced a private placement of convertible promissory note in the aggregate principal amount of up to $1,500,000 on July 10, 2023. The transaction included participation from returning investor Integral Sponsor LLC. The note bears no interest and is due and payable upon the earlier to occur of the date on which the company consummates its initial business combination and the date that the winding up of the company is effective.

At the election of the payee, all or a portion of the unpaid principal amount of the note may be converted into that number of warrants of the company, each whole warrant exercisable for one share of class A common stock of the company upon the consummation of a business combination equal to the portion of the principal amount of the note being converted, divided by $1, rounded up to the nearest whole number of warrants. The conversion warrants and the underlying shares of class A common stock of the company are entitled to the registration rights set forth in the note. The issuance of the note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.