TradeUP Acquisition Corp. announced that it has issued an unsecured convertible promissory note for the gross proceeds of $50,000 on July 20, 2023. The transaction included participation from returning lender TradeUps, Inc. The Promissory Note bears no interest and is payable in full upon the earlier to occur of the consummation of the Business Combination or the date of expiry of the term.

The issuance of the Promissory Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The payee of the Promissory Note, Tradeup INC., has the right, but not the obligation, to convert the Promissory Note, in whole or in part, respectively, into private shares of the common stock of the Company, as described in the prospectus of the Company, by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the Business Combination.