Ethernovia Inc. announced that it will issue 9,203,396 series A-1 preferred stock at a price of $4.897 per share for gross proceeds of $45,069,030.212, and 5,085,380 series A-2 preferred stock at a price of $3.9176 per share for gross proceeds of $19,922,484.688, for aggregate gross proceeds of $64,991,514.9 on January 19, 2023. The shares have a par value of $0.0001 per share. The shares carry non-cumulative fixed dividend rate of 6% per annum per share.

The series A-1 shares and series A-2 shares will be convertible into common shares at a fixed conversion price of $4.897 per share, and $3.9176 per share respectively.