Swell Energy Inc. announced that it will issue 61,797,056 series B-1 preferred stock at a price of $1.6182 per share for gross proceeds of $99,999,996.0192, 14,906,370 series B-2 preferred stock at a price of $1.2946 per share for gross proceeds of $19,297,786.602, and 12,984,534 series B-3 preferred stock at a price of $1.4564 per share for gross proceeds of $18,910,675.3176, for aggregate gross proceeds of $138,208,457.9388 on November 21, 2022. The shares are issued at an par value of $0.00001 per share. The company has entered into series B preferred stock purchase agreement in the transaction.

The shares are non-redeemable. The series B-1 shares, series B-2 shares, and series B-3 shares will be convertible into common shares at a fixed conversion price of $1.6182, $1.2946, and $1.4564 per share respectively.