Summary by Moomoo AI
On October 11, 2024, Canoo entered into a Second Supplemental Agreement with Yorkville, securing a $2.66M advance with net proceeds of approximately $2.5M. The agreement sets the purchase price at the lower of $1.1118 per share or 95% of the lowest daily VWAP during five trading days, with a floor price of $1.00 per share.In connection with the advance, Canoo issued warrants to Yorkville for approximately 1.2 million shares at an exercise price of $1.1118 per share, exercisable from April 11, 2025 until October 11, 2029. Additionally, the company extended its ATM offering agreement through November 22, 2024, with proceeds beyond the initial $5M to be split 50/50 with Yorkville.The company has already received approximately $4.7M from initial ATM sales. Any further ATM offering sales after November 22, 2024, will require Yorkville's prior written consent. The warrant issuance is exempt from registration under Section 4(a)(2) of the Securities Act.
