VLP Therapeutics, Inc. announced that it will issue 32,080 series A-2 preferred stock of par value $0.0001 at issue price of $65.4236, 387,013 series A-3 preferred stock at issue price of $74.0064, and 150,000 series A-3 preferred stock at issue price of $74.0064 for gross proceeds of $41,841,187.9712 on July 26, 2023. The shares are convertible and non-redeemable. The shares will be converted into common shares at fixed conversion rate equals to original issue price per share.

The shares will carry a non-cumulative dividend at rate of 8% per annum.