Summary by Moomoo AI
Canoo Inc., a high-tech advanced mobility company, has announced a direct offering of $25,158,219.18 of its common stock to YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP. The offering is connected to a Prepaid Advance Agreement (PPA) and a Supplemental Agreement to the PPA, both entered into with YA. Canoo Inc. may request advances up to $15,000,000, with a total limit of $100,000,000, subject to terms and conditions. On August 28, 2024, Canoo requested a Prepaid Advance of $25,158,219.18, known as the Second Advance, which remains outstanding. The Second Advance will be offset by issuing common stock to YA at a price per share determined by a set formula, with a floor price of $1.00. Prior to this, $15,000,000 in principal and $158,219.18 of accrued...Show More