Peak Bio, Inc. announced a private placement to issue 5% non convertible promissory note for the gross proceeds of $250,000 on March 3, 2023. The transaction included participation from Hoyoung Huh, founder and director. The note bears 5% interest rate and will mature on December 31, 2023.

In the event that the Company fails to pay the balance due and owing under the Promissory Note by the Maturity Date, the Company shall be obligated to pay to the Beneficiary all fees and expenses incurred by the Beneficiary as a result of such failure by the Company, and all outstanding obligations of the Company owing under the Promissory Note shall accrue interest at the lower of 2% per annum and the highest non-usurious interest rate allowed under the law from and after the Maturity Date until paid by the Company. The Company may prepay all or any portion of this Promissory Note on any date without premium or penalty.