Pontem Corporation announced that it has issued unsecured promissory notes in the principal amount of up to $5,000,000 on January 13, 2023. The transaction included participation from HSM-Invest and Pontem Llc for $2,500,000 each. The Notes are repayable in full upon the date of the Company's initial business combination.

If the Company does not complete an initial business combination, the Notes will not be repaid, and all amounts owed under them will be forgiven except to the extent that the Company has funds available to it outside of its Trust Account. The Notes are subject to customary events of default, including cross-default of each Note, the occurrence of which automatically triggers the unpaid principal balance of the Notes and all other sums payable with regard to the Notes becoming immediately due and payable. The Notes were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.