Arbor Biotechnologies, Inc. announced that it will issue 12,975,254 series B preferred shares at a price of $16.57 per share for gross proceeds of $214,999,958.78 on October 29, 2021. The shares are convertible and non-cumulative. The shares carry non-cumulative fixed dividend rate of 8% per annum.

The shares are convertible into common shares of the company at a fixed conversion price of $16.57 per share. The transaction is being raised at a post-money valuation of $456,161,843.The company will receive $214,999,926 in funding pursuant to exemption provided under Regulation D.