SafeAI, Inc. announced that it will issue 11,881,318 series A preferred stock at a price of $1.76748 per share for gross proceeds of $20,999,991.93864, and 2,475,264 series A-1 preferred stock at a price of $1.41399 per share for gross proceeds of $3,499,998.54336, for aggregate gross proceeds of $24,499,990.482 on June 10, 2021. The shares are convertible, non-cumulative, participating, and non-redeemable. The shares carry non-cumulative fixed dividend rate of 5% per share per annum.

The series A shares, and series A-1 shares will be convertible into common shares at a fixed conversion price of $1.76748 per share, and $1.41399 per share respectively.