Isovalent, Inc. announced that it will issue 7,647,012 series B preferred shares at a price of $5.2308 per share for gross proceeds of $39,999,990.3696 on February 16, 2022. The shares are non-redeemable. The shares carry non-cumulative, and participating fixed dividend value of $0.3138 per share per annum.

The shares will be convertible into common shares at a fixed conversion price of $5.2308 per share.