Healthwell Acquisition Corp. I announced a private placement of a non-convertible unsecured promissory note in the principal amount of up to $750,000 on March 17, 2023. The transaction included participation from returning investor Healthwell Acquisition Corp.

I Sponsor LLC. The note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the company's initial business combination is consummated and (ii) the liquidation of the company on or before August 5, 2023, or such later liquidation date as may be approved by the company's stockholders. At the election of the investor, the unpaid principal amount of the note may be converted into warrants of the company with the total conversion warrants so issued equal to: (x) the portion of the principal amount of the note being converted divided by (y) $1.00, rounded up to the nearest whole number of warrants.