Aquaron Acquisition Corp. announced a private placement to issue an unsecured promissory note for the gross proceeds of $70,000 on April 8, 2024. The transaction included participation from returning investor Bestpath IoT Technology 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 (each unit is consisted of one share of common stock and one right to receive one-fifth (1/5) of a share of common stock).