other material
confidence high
sentiment neutral
materiality 0.50
Nerdy closes warrant exchange with 97.5% tendered; cancels 60% of earnout shares
Nerdy Inc.
- 97.5% of outstanding public warrants validly tendered; non-tendered warrants forcibly exchanged at 0.2250 Class A shares each.
- All private warrants automatically exchanged/exercised at 0.250 ratio; warrant amendment executed September 26, 2023.
- Earnout holders forfeited 60% of 8M earnout shares; remaining 40% vested and no longer subject to forfeiture.
- Net result: cancellation of ~19.3M warrants and 4.8M earnout shares; net share count increase of ~20,275 (<0.1%).
- Last trading day for public warrants was September 27, 2023; settlement expected by September 28, 2023.