Cloudastructure, with the ticker symbol CSAI, has successfully raised $3 million from an existing institutional investor. This funding was secured through the issuance of Series 2 Convertible Preferred Stock, a strategic move aimed at bolstering the company's growth and development of its advanced AI-driven security technologies.
The financial arrangement involves the issuance of 3,000 shares of Series 2 Convertible Preferred Stock at a cost of $1,000 each. These shares offer a 9.5% annual preferred return and can be converted into the company's Class A common stock under specific conditions.
The sole placement agent for this transaction was Maxim Group, which facilitated the preferred stock investment. The newly acquired funds are set to enhance Cloudastructure's capacity to further develop its cutting-edge security solutions and support its market expansion efforts.
