Spice AI, Inc. announced that it will issue 182,350 series seed-1 preferred shares at an issue price of $74.0343 per share for gross proceeds of $13,500,155, 24,640 series seed-2 preferred shares at an issue price of $14.8069 per share for gross proceeds of $364,842 and 35,686 series seed-3 preferred shares at an issue price of $20.56510 per share for gross proceeds of $733,886, for aggregate gross proceeds of $14,598,883 on July 14, 2022. The shares are issued at $0.00001 par value per share. The preferred share will be convertible to common shares at its original issue price.

The preferred shares are not redeemable. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is being raised at a post-money valuation of $17,966,348.