SportsMap Tech Acquisition Corp. announced that it has entered into a subscription agreement with various investors pursuant to which it will issue and sell to the financing Investors an aggregate of $6.805 million in convertible promissory notes on December 1, 2023. Of the $6.805 million in Financing Notes, $1.48 million will be issued in exchange for cancellation of an equal amount of existing company's promissory notes, $1.0 million will be rolled over from an existing ICI Convertible Note and $4.3 million will be cash proceeds to the company.

David Gow and Steven Webster are among the financing investors and will be issued $200,000 of financing notes and $500,000 of financing notes respectively. Each financing note will mature on the third anniversary of the closing and is convertible at any time at the financing investors? option at a conversion price of $10 per share, subject to certain adjustments.

Except with the consent of the holder of the applicable financing note, the company may not repay any principal amount of any financing note prior to the maturity date. Following the issuance of the financing notes, the company will pay interest on the aggregate unconverted and then outstanding principal amount of such notes at the rate of 9% per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning April 1, 2024, on each date on which a Holder elects to convert any amount of financing notes and on the maturity date. Pursuant to the Subscription Agreement, and as additional consideration for the purchase of the financing notes, the company will also issue to the financing investors warrants to purchase an aggregate of 340,250 shares of common stock, at an exercise price of $11.50 per financing warrant share.