Proprio, Inc. announced that it will issue 24,733,301 series B preferred stock at a price of $1.0124 per share for gross proceeds of $25,039,993.9324, and 20,189,638 series B-1 preferred stock at a price of $0.8099 per share for gross proceeds of $16,351,587.8162, for aggregate gross proceeds of $41,391,581.7486 on June 16, 2023. The shares have a par value of $0.00001 per share. The preferred shares carry non-cumulative, and participating fixed dividend rate of 8% per share per annum.

The series B shares, and series B-1 shares will be convertible into common shares at a fixed conversion price of $1.0124, and $0.8099 per share respectively.