TERACUB REDEEMABLE CONVERTIBLE PREFERRED STOCK

9 Months Ended

Dec. 31, 2021

TERACUB REDEEMABLE CONVERTIBLE PREFERRED STOCK

TERACUB REDEEMABLE CONVERTIBLE PREFERRED STOCK

NOTE 13 – TERACUB REDEEMABLE CONVERTIBLE PREFERRED STOCK

In April 2021, TeraCub commenced a private placement offering of 2,000,000 shares of Series A Preferred Stock, at an original issuance price per share of $25.00, to certain individuals and accredited investors, for an aggregate amount of $50.0 million (the “Series A Private Placement”). On June 15, 2021, the Series A Private Placement concluded and was fully funded.

On December 2, 2021, TeraCub’s Certificate of Incorporation was amended to provide that if the Closing under the Merger Agreement were to occur, the conversion ratio that shall apply to the conversion of shares of preferred stock immediately prior to the effective time of the Closing shall be equal to 0.8696560 shares of TeraCub common stock for each share of preferred stock. On December 13, 2021, the Closing was effected and TeraCub converted the 2,000,000 shares of preferred stock into 1,739,311 shares of common stock.

No dividends were declared for the nine months ended December 31, 2021.