Abcuro, Inc. announced that it will issue 28,577,328 series B preferred shares at an issue price of $5.4897 per share for gross proceeds of $156,880,957.5216, and 9,709,500 series B-1 preferred shares at an issue price of $4.39176 per share for gross proceeds of $42,641,793.72, for aggregate gross proceeds of $199,522,751.2416 on August 11, 2023. The shares have a par value of $0.001 per share. The company has entered into series B preferred stock purchase agreement with Redmile Group, LLC in the transaction.

The shares are non-redeemable. The series B shares, and series B-1 shares carry cumulative fixed dividend value of $0.3294, and $0.2635 per share per annum respectively. The series B shares, and series B-1 shares will be convertible into common shares at a fixed conversion price of $5.4897, and $4.39176 per share respectively.

The company will issue securities pursuant to exemption provided under Regulation D.