Marpai completes private placement of convertible preferred stock
Marpai entered a USD 12 million private placement with accredited investors led by Mitchell Companies, issuing newly designated convertible preferred stock.
The company sold 12,100 preferred shares at USD 1,000 each; the initial conversion price was set at USD 1.
The preferred stock carries an 8% dividend payable in common shares upon a liquidity event or conversion.
Automatic conversion to common stock will trigger on a qualified public offering or approval by 60% of preferred holders.
The securities were not registered under the Securities Act, limiting resale absent registration or an exemption.
MRAI•
