Green Visor Financial Technology Acquisition Corp. I announced that it has entered into a definitive agreement for a private placement to issued promissory notes for gross proceeds of $2,126,000 on February 10, 2023. The company issued unsecured convertible promissory extension note in the principal amount of $2,001,000, and unsecured convertible promissory working capital note in the principal amount of $125,000 in the transaction.

The transaction included participation for returning investor, Green Visor Capital SPAC I Holdings LLC, a fund managed by Green Visor Capital Management Company, LLC. The promissory notes does not bear any interest, and the loan under the promissory notes may be converted into private placement warrants at a price of $1 per warrant, at the option of the sponsor, with such extension loan warrants having identical terms as the private placement warrants issued in connection with the private placement that was consummated in connection with the company's initial public offering. The company issued the extension note in consideration for a loan from the sponsor to fund the amount that the company has agreed to deposit into the company's trust account established in connection with its initial public offering.

The entire total principal amount shall be payable on the earlier of May 12, 2023, or the consummation of the Maker's initial merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. If the company does not complete a business combination, the company may repay such loans under the notes solely from assets not held in the Trust Account, if any. Unless converted at the option of the sponsor into warrants, the company must repay the outstanding principal amount of each note on the consummation of the initial business combination out of the proceeds of the Trust Account, if any, released to the company.