secwatch.observer — SEC 8-K summary
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Issuer:     MOTORCAR PARTS OF AMERICA INC (MPAA)
CIK:        0000918251
Form:       8-K
Filed at:   2023-03-31T23:59:59+00:00
Accession:  0001140361-23-015360
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.02, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Motorcar Parts of America issues $32M convertible notes at 10% to Bison Capital; Bison co-founder joins board
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- Issued $32M aggregate principal of 10% convertible notes due 2029; conversion price ~$15 per share.
- Interest at 10% per annum, compounded annually, payable in kind or cash starting April 1, 2024.
- Company may redeem notes after March 31, 2026, subject to conditions including EBITDA > $80M and stock price thresholds.
- Douglas Trussler, co-founder of Bison Capital, appointed to board effective immediately; not independent.
- CEO Selwyn Joffe's employment agreement extended to July 1, 2027.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/918251/000114036123015360/0001140361-23-015360-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/918251/000114036123015360/brhc10050670_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-015360

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