IGNY Ignyte Acquisition Corporation

On March 3, 2023, Peak Bio, Inc., a Delaware corporation (the “Company”), delivered a promissory note (the “Promissory Note”) to Hannol Ventures LLC (the “Beneficiary”). Dr. Hoyoung Huh, the Company’s founder and a director, is the Beneficiary’s sole member. Pursuant to the terms of the Promissory Note, the Company promised to pay to the order of Beneficiary the principal sum $250,000 with interest on the unpaid balance from the date of the Promissory Note, until paid, at the rate of 5% per annum. The Promissory Note matures on December 31, 2023 (the “Maturity Date”). In the event that the Company fails to pay the balance due and owing under the Promissory Note by the Maturity Date, the Company shall be obligated to pay to the Beneficiary all fees and expenses incurred by the Beneficiary as a result of such failure by the Company, and all outstanding obligations of the Company owing under the Promissory Note shall accrue interest at the lower of (i) 2% per annum and (ii) the highest non-usurious interest rate allowed under the law from and after the Maturity Date until paid by the Company. The Company may prepay all or any portion of this Promissory Note on any date without premium or penalty.

The foregoing description of the Promissory Note is not complete and is subject to, and qualified in its entirety by reference to, the full text of the Promissory Note, which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by this reference.