TBC-The Boring Company announced that it will issue 34,500,000 series C preferred shares at issue price of $19.59 per share for the gross proceeds $675,855,000 in funding on April 18, 2022. The shares are convertible, participating, non-redeemable and non-cumulative. The shares carry non-cumulative fixed dividend value of $0.98 per annum per share.

The shares will be convertible in common shares at a fixed conversion price of $19.59 per share. The company will issue securities pursuant to exemption provided under Regulation D.