Carmot Therapeutics, Inc. announced that it will issue 6,519,392 series E preferred shares of par value $0.001 per share at an issue price of $23.00825 per share for gross proceeds of $149,999,800.984 on May 23, 2023. The preferred shares are non-redeemable. The preferred shares carry non-cumulative and participating fixed dividend value of $1.8407 per share per annum and will be convertible into common shares at a fixed conversion price of $23.00825 per share.

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