Samsara Luggage, Inc. announced that it has entered into a series A preferred stock purchase agreement for a private placement of 148,062 series A cumulative redeemable preferred stock at a price of $0.8695681538814821 for total gross proceeds of $128,750 on May 17, 2022. The transaction included participation from 1800 Diagonal Lending, LLC. The company will pay dividend of 6% on preferred stock.

The preferred stock is convertible at the option of investor, all or a portion of the outstanding preferred stock after the 180 days from the issuance into common shares of the company for not more than 4.99% issued and outstanding common stock. The preferred stock will have no voting rights. The company redeems the shares of series A preferred stock within 180 days of its issuance, the company must pay all of the principal at a cash redemption premium of 110%, if such prepayment is made between the 181st day and the 730th day after the issuance of the preferred Stock, then such redemption premium is 120%.

After the 730th day following the Issuance Date, there shall be no further right of redemption. The company has paid legal fee and due diligence fee in an amount not to exceed $3,750. The company has issued secretaries pursuant to exemption provided under Regulation D.