ProLung, Inc. announced private placement of convertible notes for gross proceeds of $3,000,000 with certain purchasers on May 22, 2020. The notes are convertible into common shares at a fixed conversion price of $3.2 per share. The convertible notes are subject to mandatory conversion upon an initial registered public offering at a conversion price equal to the lesser of the conversion price and 90% of the price at which the shares are sold to the public in the initial public offering. The company intended to raise $$3,350,000 in the transaction.