HH&L Acquisition Co. announced that it has issued an unsecured promissory note to Hh&L Investment Co under a working capital loan on September 15, 2022. The loan can be converted into warrants to purchase class A ordinary shares of the company at a price of $1 per warrant, each warrant can be exercised to purchase a class A ordinary share at a price of $11.5 per share.

The loan does not bear interest and its maturity date may be accelerated if the company defaults.