Ranpak issues warrant to Walmart for up to 22.5M shares at $6.8308, vesting tied to spend

Ranpak Holdings Corp.

Issued warrant to Walmart to purchase up to 22.5M shares of Ranpak common stock at $6.8308 per share.
2.25M shares vested immediately; remainder vest based on Walmart payments under current and future commercial agreements.
All warrant shares vest upon aggregate spend of $300M (net of paper procurement costs incurred by Ranpak).
Warrant expires August 22, 2035; allows cashless exercise; no voting rights until exercised.
Over $100M of expected spend allocated to Automation Solutions; remainder to Protective Packaging.

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