XL8 Inc. announced that it will issue 801 series A preferred shares at an issue price of $12,438 per share for gross proceeds of $9,962,838, 120 series A-1 preferred shares at an issue price of $4,146 per share for gross proceeds of $497,520, and 330 series A-2 preferred shares at an issue price of $9,069 per share for gross proceeds of $2,992,770, for aggregate gross proceeds of $13,453,128 on May 3, 2023. The preferred shares issued at a par value of $0.001 per share. The preferred shares are non-redeemable and will be convertible into common shares at a fixed conversion price $12,438, $4,146, and $9,069 per share respectively.

The minimum investment accepted from any outside investor is $995,040. The company will issue securities pursuant to exemption provided under Regulation D.