share_log

424B5: Prospectus

SEC ·  Jul 24 04:22

Summary by Moomoo AI

Canoo Inc. (Canoo), a high-tech advanced mobility company, has entered into a Pre-Paid Advance Agreement (PPA) with YA II PN, LTD. (YA), a fund managed by Yorkville Advisors Global, LP, on June 13, 2024. Under the terms of the PPA, Canoo received a $15 million advance from YA, which will be offset by the issuance of up to 13,719,850 shares of Canoo's common stock. The initial purchase price for the shares is set at $2.30 per share, with provisions for price adjustments based on the volume-weighted average price (VWAP) of Canoo's stock on the Nasdaq after 60 and 120 days from the effective date, subject to certain conditions. YA, as the selling stockholder, may sell the shares at its discretion, and Canoo...Show More
Canoo Inc. (Canoo), a high-tech advanced mobility company, has entered into a Pre-Paid Advance Agreement (PPA) with YA II PN, LTD. (YA), a fund managed by Yorkville Advisors Global, LP, on June 13, 2024. Under the terms of the PPA, Canoo received a $15 million advance from YA, which will be offset by the issuance of up to 13,719,850 shares of Canoo's common stock. The initial purchase price for the shares is set at $2.30 per share, with provisions for price adjustments based on the volume-weighted average price (VWAP) of Canoo's stock on the Nasdaq after 60 and 120 days from the effective date, subject to certain conditions. YA, as the selling stockholder, may sell the shares at its discretion, and Canoo will not receive any proceeds from the sale of these shares. The agreement includes limitations such as an Exchange Cap, which restricts the number of shares issued under the PPA to 19.99% of Canoo's outstanding common stock unless shareholder approval is obtained for additional issuances. Interest accrues on the outstanding balance of the Pre-Paid Advance at an annual rate of 5%, increasing to 15% upon events of default. Canoo is required to repay any outstanding balance, with accrued interest, by December 13, 2024, if YA does not purchase the full amount of the Pre-Paid Advance in shares. The PPA also stipulates that YA will not engage in short sales or hedging transactions of Canoo's stock during the term of the agreement. Canoo's common stock and public warrants are traded on Nasdaq under the symbols 'GOEV' and 'GOEVW,' respectively.

This announcement is a separate document:

Doc 1

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