Xona Space Systems Inc. announced that it will receive $30,696,310 in funding on April 18, 2024. The company will issue 20,647,690 series A-1 preferred shares at issue price of $0.8813 per share for the gross proceeds $18,196,809.197; and 16,686,025 series A-2 preferred shares at issue price of $0.7491 per share for the gross proceeds $12,499,501.3275. The preferred shares have a par value of $0.00001 per share.

The shares are convertible, and non-cumulative. The shares carry non-cumulative dividend rate of 8% per annum. The shares will be convertible in common shares at a price of $0.8813; and $0.7491 per share respectively.

The round will be raised at post money valuation of $0. The company will issue securities pursuant to exemption provided under Regulation D.