Summary by Moomoo AI
On August 28, 2024, Canoo Inc. entered into a First Supplemental Agreement with investment firm Yorkville, securing an additional $25.16 million in funding. This agreement amends the Prepaid Advance Agreement (PPA) initially established on July 19, 2024, which allowed Canoo to request advances up to $100 million. The new funds will be used to repay $15 million in principal and $158,219.18 in accrued interest from a previous agreement dated June 13, 2024. After accounting for fees and discounts, Canoo's net proceeds from this transaction will be $9.4 million. The agreement sets a purchase price for shares at the lower of $1.7554 or 95% of the stock's volume-weighted average price on the Nasdaq, with a floor of $1.00 per share. Additionally, Canoo is required to hold an annual stockholders' meeting by November...Show More