Sierra Space Corporation announced that it will issue 65,674,173 series B preferred stock and 5,064,060 series B-NV preferred stock on September 15, 2023. The company has entered into series B preferred stock purchase agreement in the transaction. The shares have a par value of $0.0001 per share.

The shares are redeemable. The shares will be convertible into common shares of the company at a original issue price. The company has entered into letter agreement with each stockholder of the company.