Transak Inc. announced that it will issue 611,331 series A-1 preferred stock of par value $0.00001 at issue price of $0.28626, 857,019 series A-2 preferred stock at issue price of $0.53674, 279,466 series A-3 preferred stock at issue price of $1.4313, 8,733 series A-4 preferred stock at issue price of $5.72519, 1,413,625 series A-5 preferred stock at issue price of $6.44084, and 1,669,804 series A-6 preferred stock at issue price of $7.15648 for gross proceeds of $22,139,845.19 on May 15, 2023. 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.

The company will raise $9,182,150 pursuant to exemption provided under Regulation D.