Eliyan Corporation announced that it has issued 5,591,747 series B preferred shares at an issue price of $10.7301 per share for gross gross proceeds of $60,000,004.4847 co-led by new investors, Samsung Catalyst Fund, a fund managed by Samsung Strategy and Innovation Center and Tiger Global Management, LLC on March 25, 2024. The transaction included participation from returning investors, SK hynix Inc., Cleveland Avenue Advisers, LLC, Mesh Ventures, Intel Capital Corporation, and other investors. The shares are issued at $0.0001 par value per share.

The shares carry non-cumulative fixed dividend rate of 8% per share per annum. The shares will be convertible into common shares at a fixed price of $10.7301 per share. The preferred shares are not redeemable.

The company intends to raise 5,684,942 series B preferred shares at an issue price of $10.7301 per share for gross gross proceeds of $60,999,996.1542 in the transaction.