Innovative International Acquisition Corp. entered into a private placement of a non-convertible promissory note at an issue price of $180,000 per share for gross proceeds of up to $180,000 on July 26, 2023. The transaction included participation from returning lender, Innovative International Sponsor I LLC.

The notes bear no interest, and the principal balance is payable by the company on the date on which the company consummates an initial business combination.