other_material
confidence high
sentiment neutral
materiality 0.75
PureCycle raises $300M via issuance of Series B Convertible Perpetual Preferred Stock
PureCycle Technologies, Inc.
- Gross proceeds of $300M from sale of 300,000 shares of Series B Convertible Preferred Stock at $1,000/share.
- Initial conversion price of $14.02 per share, a 30% premium to the 10-day VWAP before the subscription agreements.
- Cumulative dividends accrue at 7% per annum, payable in kind or cash at the Company's option.
- Series B Preferred ranks senior to common stock but junior to existing Series A Preferred and all indebtedness.
- Registration statement for resale of conversion shares must be filed within 30 days of closing.
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