Innovative International Acquisition Corp. announced a private placement of unsecured promissory note for gross proceeds of up to $500,000 Innovative International Sponsor I LLC on August 18, 2023. The proceeds of the Note, may be drawn down from time to time prior to the date of the consummation of the Company?s initial business combination upon request by the Company.

The Note bears no interest and the principal balance is payable on the Maturity Date. The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.