PARTS iD restructures $27.4M vendor debt, CFO resigns

ID Auto, Inc.

RSA pays trade vendors 55% of claims (12.5% upfront, 42.5% over 36 months); total vendor claims up to $27.4M.
Company must raise at least $10M in new capital (Restructuring Funds) to trigger initial payment.
CFO James Doss resigns effective Nov 20, 2023 for personal reasons; search for successor underway.
Convenience claims ($10k or less) settled at 65% in lump sum after initial payment.
Vendors agree to forbear from litigation or bankruptcy petitions during support period.

item 1.01 item 5.02 item 9.01

Executive movements

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Departed

James Doss

Chief Financial Officer

ID Auto, Inc.

Effective: 2023-11-20
Filed: October 11, 2023, 7:59 PM ET

On October 4, 2023, James Doss, the Company’s Chief Financial Officer (“CFO”) notified the Company that he will be resigning as the CFO and principal financial officer of the Company for personal reasons, effective November 20, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James Doss resigned as Chief Financial Officer at ID Auto, Inc..

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

On October 4, 2023, James Doss, the Company’s Chief Financial Officer (“CFO”) notified the Company that he will be resigning as the CFO and principal financial officer of the Company for personal reasons, effective November 20, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ID Auto, Inc. entered into Restructuring Support Agreement with certain trade vendors (effective 2023-10-06).

Action: entry
Counterparty: certain trade vendors
Effective: 2023-10-06

Exact text from the filing

On October 6, 2023, PARTS iD, Inc., a Delaware corporation (the “Company”) and its subsidiary, PAARTS iD, LLC, a Delaware limited liability company, entered into a definitive Restructuring Support Agreement (the “RSA”) to restructure the Company’s indebtedness with certain of its trade vendors (the “Consenting Vendors”).

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119 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001013762-23-003251

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