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Canoo | 8-K: Canoo Entered into a Eighth Supplemental Agreement with Yorkville to the PPA and Warrant Cancellation and Exchange Agreement

SEC announcement ·  Mar 14 18:09
Summary by Futu AI
On March 12, 2024, Canoo Inc. entered into an eighth Supplemental Agreement with YA II PN, Ltd., also known as Yorkville, amending their existing Pre-Paid Advance Agreement. Under this new agreement, Yorkville will provide Canoo with an advance of $62,032,000, exceeding the original Maximum Advance Amount of $50,000,000. The funds will be issued at a Purchase Price of $2.30 per share. Canoo plans to use a portion of this advance to repay $32,000,000 in principal and $47,123 in accrued interest from previous advances, along with the applicable Redemption Premium. After accounting for various fees and repayments, the net proceeds from this advance will total $15,000,000. Additionally, on the same date, Canoo and Yorkville agreed to a Warrant Cancellation and Exchange Agreement, where Yorkville surrendered outstanding warrants for...Show More
On March 12, 2024, Canoo Inc. entered into an eighth Supplemental Agreement with YA II PN, Ltd., also known as Yorkville, amending their existing Pre-Paid Advance Agreement. Under this new agreement, Yorkville will provide Canoo with an advance of $62,032,000, exceeding the original Maximum Advance Amount of $50,000,000. The funds will be issued at a Purchase Price of $2.30 per share. Canoo plans to use a portion of this advance to repay $32,000,000 in principal and $47,123 in accrued interest from previous advances, along with the applicable Redemption Premium. After accounting for various fees and repayments, the net proceeds from this advance will total $15,000,000. Additionally, on the same date, Canoo and Yorkville agreed to a Warrant Cancellation and Exchange Agreement, where Yorkville surrendered outstanding warrants for the right to purchase Canoo's common stock, which were then replaced with new warrants allowing Yorkville to purchase additional shares at a set exercise price of $1.37, exercisable from September 12, 2024, to March 13, 2029. The issuance of these new warrants is exempt from registration under the Securities Act of 1933, as Yorkville is an accredited investor acquiring the warrants for investment purposes.

This announcement is a separate document:

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