Valor Latitude Acquisition Corp. announced a private placement of an unsecured promissory note for gross proceeds of $100,000 on February 28, 2022. The transaction included participation from Valor Latitude Llc.

The note bears no interest and is payable in full upon the earlier to occur of May 5, 2023 or the consummation of the Company?s initial business combination. A failure to pay the principal within five business days of the date specified above or the commencement of a voluntary or involuntary bankruptcy action shall be deemed an event of default, in which case the note may be accelerated. Investor has the option to convert any unpaid balance of the Note into warrants, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per Class A ordinary share, subject to adjustment.

The terms of the conversion warrants would be identical to the warrants issued by the company in a private placement that was consummated in connection with the Company?s initial public offering. 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.