Research Frontiers Incorporated announced that it has entered into a security purchase agreement for the issuance of 2,000,000 common shares to be issued at a price of $2.3 per share for proceeds of $4,600,000 on September 14, 2022. The transaction will include participation from a group of private accredited investors. For each share received, the investor also will also receive one warrant, expiring on September 30, 2027, to purchase one share of common stock at an exercise price of $2.76 per share.

The securities will be subject to hold period of six months.