secwatch.observer — SEC 8-K summary
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Issuer:     Upstart Holdings, Inc. (UPST)
CIK:        0001647639
Form:       8-K
Filed at:   2025-08-14T23:59:59+00:00
Accession:  0001193125-25-180825
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upstart issues $690M 0% convertible notes due 2032, repurchases $232.6M of 2026 notes
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- Issued $690M aggregate principal of 0% Convertible Senior Notes due 2032; initial conversion price ~$82.50 per share.
- Net proceeds ~$675.5M; $55.2M used for capped call transactions covering ~8.4M shares with cap price $126.92.
- Used ~$224.4M to repurchase ~$232.6M of outstanding 0.25% Convertible Senior Notes due 2026.
- Capped call expected to reduce dilution upon conversion; potential dilution beyond cap price.
- Notes mature Feb 15, 2032, are senior unsecured, and redeemable after Aug 20, 2028 if stock price condition met.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1647639/000119312525180825/0001193125-25-180825-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1647639/000119312525180825/d16038d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-180825

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