SportsMap Tech Acquisition Corp. entered into a loan agreement for the private placement of promissory notes for gross proceeds of $1,000,000 on May 17, 2023. The transaction included participation from certain affiliates of the company's advisors and the company's sponsor, Sportsmap, Llc.

The company issued each investor a note and a pro rata portion of 200,000 shares of the company's Founder Shares. The notes bear no interest and are repayable promptly following the closing of an initial business combination with a target business and is subject to extension by the company of the due date of up to 12 months in the event that the minimum cash transaction proceeds are not met, or would not be met but for such extension.