secwatch.observer — SEC 8-K summary
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Issuer:     Upstart Holdings, Inc. (UPST)
CIK:        0001647639
Form:       8-K
Filed at:   2021-08-20T23:59:59+00:00
Accession:  0001193125-21-252733
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upstart issues $661.25M of 0.25% convertible notes due 2026, net proceeds $645.5M
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- Issued $661.25M aggregate principal of 0.25% Convertible Senior Notes due 2026; net proceeds $645.5M.
- Initial conversion rate 3.5056 shares per $1,000 principal; conversion price ~$285.26 (42.5% premium to $200.18 stock price).
- Used $58.5M of proceeds to buy capped calls with strike $285.26 and cap $400.36, covering ~2.3M shares to reduce dilution.
- Notes mature Aug 15, 2026; interest semi-annual; redeemable after Aug 20, 2024 at 130% of conversion price trigger.
- Offering to QIBs under Rule 144A; initial purchasers exercised in full option for additional $86.25M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1647639/000119312521252733/0001193125-21-252733-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1647639/000119312521252733/d210411d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-252733

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer