Maquia Capital Acquisition Corporation announced a private placement of a promissory note in the principal amount of $1,730,971.90 on May 3, 2022. The transaction included participation from returning investor, Maquia Investments North America, LLC. The note bears no interest and is due and payable upon the earlier to occur of the date on which the company's initial business combination is consummated and the liquidation of the company on or before August 7, 2022 unless extended to November 7, 2022 or such later liquidation date as may be approved by the company's stockholders.

At the election of the investor, up to $1,500,000 of the unpaid principal amount of the note may be converted into units of the company with the total conversion units so issued shall be equal to the portion of the principal amount of the note being converted divided by the conversion price of $10, rounded up to the nearest whole number of units. 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.