TradeUP Acquisition Corp. announced that it has entered into a security purchase agreement for the issuance Note A unsecured promissory note for gross proceeds of $204,000 to Running Lion Holdings Limited and Note B unsecured promissory note for gross proceeds of $294,600 to returning investor TradeUp, Inc.; for aggregate total gross proceeds of $498,600 on July 25, 2022. The notes bear no interest rate and is payable in full upon the earlier of the consummation of the business combination or the date of expiry of the term of the company.

The notes will be convertible into Class A common stock of the company, the sum of the outstanding principal amount payable is $10. The issuance of the notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.