Roblox Corporation announced that it has entered into series H preferred stock purchase agreement and will issue 12,222,222 series H preferred stock at a price of $45 per share for gross proceeds of $549,999,990 on January 6, 2021. The shares are convertible, non-cumulative, non-participating and non-redeemable. The shares carry non-cumulative fixed dividend value of $3.6 per share per annum. The shares will be convertible into common shares at a fixed conversion price of $45 per share.

On the same date, Roblox Corporation closed the transaction. The company has issued 11,555,553 series H preferred stock for gross proceeds of $519,999,885 in the transaction. The series H round of funding co-led by new investors Altimeter Capital Management, LP and Dragoneer Investment Group, LLC. The transaction also included participation from new investors Investment Group of Santa Barbara, Warner Music Group Corp. (NasdaqGS:WMG) and several existing investors. The round was raised at a post money valuation of $29,500,000,000. The company has issued securities to 18 investor pursuant to exemption provided under Regulation D.