Aquaron Acquisition Corp. announced a private placement to issue an unsecured convertible promissory note in the aggregate principal amount of $70,000 on February 2, 2024. The transaction included participation from retuning investor Bestpath (Shanghai) IoT Technology Co., Ltd. The Note does not bear interest and mature upon closing of a business combination by the Company.

In addition, the Note may be converted by the holder into shares of common stock of the Company identical to the common stock issued in the Company?s initial public offering at a price of $10.00 per unit. The Company has to complete a business combination for one additional month, from February 6, 2024 to March 6, 2024.