Dot Ai Secures Up to $6 Million in Convertible Preferred Stock Investment

MT Newswires Live07-22

Dot Ai (DAC) said Wednesday it signed a securities purchase agreement with certain investors for up to $6 million in convertible preferred stock financing as it seeks to strengthen its balance sheet and maintain Nasdaq listing compliance.

The financing includes $2 million of Series AA convertible non-redeemable preferred stock and $4 million of Series B convertible non-redeemable preferred stock, the company said.

The board will also establish a special committee to evaluate the potential sale of certain operating assets under a previously signed letter of intent, the company said.

The proposed asset sale would be a separate transaction and remain subject to required approvals, it added.

Dot Ai shares were down by more than 5% in premarket trading.

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