RocketFuel Blockchain, Inc. announced that it has entered into a Convertible Notes Subscription Agreement for 3 secured promissory notes at issue price of $50,000 for gross proceeds of $150,000 on January 13, 2023. The transaction included participation from Gert Funk, the Company's Chairman, Peter M. Jensen, the Company's Chief Executive Officer and a member of its Board of Directors. Each investor purchased a Note for $50,000.

The notes bear interest at 10% per annum and mature on July 13, 2023. The Notes are convertible into shares of the Company's Series A Preferred Stock at a conversion price equal to the outstanding principal amount of, plus all accrued interest on, the Note divided by $0.2065. The notes are secured by a security interest in all of the company's assets.

The company raised the funding pursuant to exemption provided under Regulation D.