on May 22, 2023, FreightCar America, Inc. closed the transaction. The company has now issued 85,412 shares of Preferred Stock and a warrant to purchase up to 1,636,313 shares of company common stock for the gross proceeds of $85,412,000. The exercise price per share is $3.57.

The issuance of the preferred Stock pursuant to the purchase agreement is exempt from registration provided under Rule 506 of Regulation D promulgated under the Securities Act of 1933. The offering was made only to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Act.