BOLLINGER INNOVATIONS, INC. (BINI): debt financing — Mullen Automotive secures $150M via convertible notes at 15% interest; $90M commitment remains

BOLLINGER INNOVATIONS, INC.

Received $150M from investors in exchange for convertible notes accruing 15% interest; conversion price floor $0.10 per share.
Investors receive warrants for 185% of converted shares at exercise price equal to conversion price.
Remaining $90M commitment may be drawn in $45M tranches on Jan 24 and Feb 24, 2023, at Company's discretion.
Company must obtain stockholder approval by Dec 23, 2022, to authorize additional shares; special meeting set for that date.
From Apr 1 to Jun 30, 2023, investors have option to purchase additional $100M of Series D Preferred Stock.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

BOLLINGER INNOVATIONS, INC. incurred convertible notes of $150 million.

Instrument: convertible notes
Principal: $150 million
Event: incurrence

Exact text from the filing

On November 15, 2022, the Company issued Notes to the investors in an aggregate principal amount of $150 million.

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

BOLLINGER INNOVATIONS, INC. amended Amendment No. 3 with the investors valued at $150 million (effective 2022-11-15).

Action: amendment
Agreement: equity purchase
Counterparty: the investors
Value: $150 million
Effective: 2022-11-15

Exact text from the filing

On November 15, 2022, Mullen Automotive Inc. (the “Company”) entered into Amendment No. 3 (“Amendment No. 3”) to the existing securities purchase agreement dated as of June 7, 2022 and amended on June 23, 2022 and on September 19, 2022 (the “Securities Purchase Agreement”),

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7 debt financings filed in the last 30 days. Browse all debt financings →

BOLLINGER INNOVATIONS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-120741

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