Aeva raises $21.4M via PIPE at $0.58/share; secures up to $125M standby equity facility; appoints Stefan Sommer to board

Aeva Technologies, Inc.

PIPE of 36.8M shares at $0.58/share grossing ~$21.4M from Sylebra ($14.4M) and Adage Capital ($7M).
Standby equity facility: up to $125M of preferred stock (7% dividend, convertible to common) available through Nov 2026.
Advances under facility require at least one new OEM program award with ≥50,000 unit volume and stock price <$3.00.
Stefan Sommer, former ZF Group CEO and Volkswagen board member, appointed as Class I director effective Nov 15.
Sylebra gets board nomination rights: one director at 9% ownership, a second at 14% (waived until 2025 election).

item 1.01 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

Stefan Sommer

Class I Director

AEVA · Aeva Technologies, Inc.

Effective: 2023-11-15
Filed: November 8, 2023, 6:59 PM ET

On November 6, 2023, the Board of Directors of the Company (the “ Board ”) appointed Stefan Sommer to serve as a Class I director effective November 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Stefan Sommer was appointed as Class I Director at Aeva Technologies, Inc..

Action: appointed
Role: Class I Director

Exact text from the filing

On November 6, 2023, the Board of Directors of the Company (the “ Board ”) appointed Stefan Sommer to serve as a Class I director effective November 15, 2023.

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

Aeva Technologies, Inc. entered into Subscription Agreements with entities affiliated with Sylebra Capital Limited and Adage Capital Management valued at approximately $21.4 million (effective 2023-11-08).

Action: entry
Agreement: equity purchase
Counterparty: entities affiliated with Sylebra Capital Limited and Adage Capital Management
Value: approximately $21.4 million
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, Aeva Technologies, Inc. (the “ Company ”) entered into Subscription Agreements (the “ Subscription Agreements ”) providing for the purchase of an aggregate of 36,802,299 shares (the “ PIPE Shares ”) of the Company’s common stock, $0.0001 par value per share (the “ Common Stock ”), at a price of $0.58 per PIPE Share (the “ Purchase Price ”) for an aggregate Purchase Price of approximately $21.4 million (the “ Private Placement ”).

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

Aeva Technologies, Inc. entered into Standby Equity Purchase Agreement with entities affiliated with Sylebra Capital Limited valued at up to $125,000,000 (effective 2023-11-08).

Action: entry
Agreement: equity purchase
Counterparty: entities affiliated with Sylebra Capital Limited
Value: up to $125,000,000
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, the Company entered into a Standby Equity Purchase Agreement (the “ Facility Agreement ”) with entities affiliated with Sylebra.

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Aeva Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-273483

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