Francis Medical, Inc announced that it will issue 44,000,000 series B preferred shares at an issue price of $1.25 per share for gross proceeds of $55,000,000 in funding on September 14, 2021. The shares will be convertible into common shares at a fixed conversion price of $1.25 per share. The company will pay 8% fixed rate of dividend on each outstanding share of series A preferred stock and will be non-cumulative.

The preferred stock shall not be redeemable. The minimum investment accepted from any outside investor is $79,385. The company intends to continue the transaction for more than one year.

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