Marpai enters $12 million private placement of convertible preferred stock led by Mitchell Companies

Marpai entered a $12 million private placement of newly designated convertible preferred stock led by Mitchell Companies.

• The company sold 12,100 preferred shares at $1,000 each, with an initial conversion price of $1.
• The preferred shares carry an 8% dividend payable in common stock upon a liquidity event or conversion.
• The securities will automatically convert to common stock upon a qualified public offering or approval by 60% of preferred holders.
• The securities were sold in an unregistered offering under the Securities Act.