Crossbow Therapeutics, Inc. announced that it will issue 62,024,072 series A preferred shares of par value $0.0001 per share at an issue price of $1.3 per share for the gross proceeds of $80,631,293.6 on March 28, 2023. The company has enter into series A preferred shares purchase agreement in the transaction. The preferred shares carry non-cumulative fixed dividend rate of 8% per share.

The preferred shares will be convertible into common shares at a fixed conversion price of $1.3 per share. The company intends to continue the transaction for more than one year. The company will receive $80,000,000 pursuant to exemption provided under Regulation D.