Fountain Therapeutics Inc. announced that it will issue 13,164,191 series A-2 preferred shares at issue price of $1.2051 per share for the gross proceeds $15,864,166.5741 in funding on November 12, 2021. The shares are convertible, participating, non-redeemable and non-cumulative. The shares carry non-cumulative dividend rate of 8% per annum.

The shares will be convertible in common shares at a price of $1.2051 per share. The company will issue securities pursuant to exemption provided under Regulation D.