Kairous Acquisition Corp. Limited announced a private placement of unsecured convertible promissory note at price of $120,000 for the gross proceeds of $120,000 on September 11, 2023. The note will be convertible into ordinary shares of the company at a price of $10.10 per share at the closing of a business combination.

The note does not bear interest and matures upon the closing of a business combination by the company. The transaction will include participation from returning investor, Kairous Asia Limited.