On October 27, 2022, Cognetivity Neurosciences Ltd. closed the transaction. The company has raised CAD 4,502,478 by issuing 15,525,786 convertible preferred shares at a price of CAD 0.29 per preferred share. The transaction was led by new investor First Energy Bank B.S.C. (C).

The round was oversubscribed. All securities issued in connection with the transaction are subject to a statutory hold period expiring on February 26, 2023 in accordance with applicable securities legislation. The company paid aggregate cash finder's fees totaling CAD 31,466 to a finder.