Upstream Worldwide, Inc. (OTCBB: UPST) announced a private placement of 4,900,000 series A convertible preferred shares at $1 per share for gross proceeds of $5,700,000 on January 27, 2012. The securities were issued to 25 investors pursuant to Regulation D. Each share of the Series A automatically converts into five shares of common stock of the company. On January 27, 2012, Upstream Worldwide, Inc. closed the transaction.