GitLab Inc. announced that it will issue 5,277,178 series B preferred shares at a price of $3.7899 per share for the gross proceeds of $19,999,976.9022 on August 17, 2016. The shares carry non-cumulative, and participating fixed dividend rate of 8% per share. The shares are non-redeemable. The shares will be convertible into common shares at a fixed conversion price of $3.7899 per share. The company will issue securities pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor is $25,000.