SEC Contract Filing

Filing Date: 2023-06-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea180188ex10-1_acricap.htm
<DESCRIPTION>PROMISSORY NOTE, DATED JUNE 12, 2023, ISSUED BY ACRI CAPITAL ACQUISITION CORPORATION TO ACRI CAPITAL SPONSOR LLC
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROMISSORY NOTE (&ldquo;NOTE&rdquo;) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PROMISSORY NOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Amount: US$227,730.87</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: June 12, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOR VALUE RECEIVED</B>, Acri Capital Acquisition
Corporation (the &ldquo;<B>Maker</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) promises to pay to the order of Acri Capital Sponsor
LLC, or its registered assignees or successors in interest (the <B>&ldquo;Payee</B>&rdquo;), the principal sum of US$ TWO HUNDRED TWENTY-SEVEN
THOUSAND SEVEN HUNDRED THIRTY AND EIGHTY-SEVEN HUNDREDTHS (US$227,730.87, on the terms and conditions described below. All payments on
this Note shall be made by wire transfer of immediately available funds to such account as the Payee may from time to time designate by
written notice in accordance with the provisions of this note (the &ldquo;<B>Note</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify"><B>Principal.</B> The principal balance of this Note shall be
payable by the Maker to the Payee upon the earlier of (such date, the &ldquo;<B>Maturity Date</B>&rdquo;): (a) the date on which the
Maker consummates a business combination or merger with a qualified target company (as described in its Prospectus (as defined below))
(a &ldquo;<B>Business Combination</B>&rdquo;,), and (b) the date of the liquidation of the Maker. The principal balance may be prepaid
at any time prior to the Maturity Date without penalty. Under no circumstances shall any individual, including but not limited to any
officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><B>Conversion Rights</B>. The Payee has the right, but not the
obligation, to convert this Note, in whole or in part, into private placement warrants (the &ldquo;<B>Warrants</B>&rdquo;) of the Maker,
with each whole Warrant entitling the holder thereof to purchase one share of Class A common stock of the Maker at a price of $11.50
per share, subject to adjustment as described in the Prospectus of the Maker (File Number 333-263477) (the &ldquo;<B>Prospectus</B>&rdquo;),
by providing the Maker with written notice of its intention to convert this Note at least two business days prior to the closing of a
Business Combination. The number of Warrants to be received by the Payee in connection with such conversion shall be an amount determined
by dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $1.00.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><B>Fractional Warrants</B>. No fractional Warrants will be
issued upon conversion of this Note. In lieu of any fractional Warrants to which Payee would otherwise be entitled, the Maker will pay
to Payee in cash the amount of the unconverted principal balance of this Note that would otherwise be converted into such fractional
Warrants.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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