Marstone Inc. announced that it will receive $22,244,901 in a series B round of funding on January 16, 2024. The company will issue 6,277,221 series B-1 preferred shares at issue price of $1.56756 per share for the gross proceeds $9,839,921, 6,881,695 series B-2 preferred shares at issue price of $1.25405 per share for the gross proceeds $8,629,990 and 2,675,780 series B-2 preferred shares at issue price of $1.4108 per share for the gross proceeds $3,774,990 in the transaction. The shares carry non-cumulative dividend rate of 5% per annum.

The preferred share will be convertible to common shares at its original issue price. The round will be raised at post money valuation of $28,284,302. The preferred shares have a par value of $0.0001 per share.