Codexis signs $60M Trinity Capital term loan, repays $43.6M Innovatus debt

CODEXIS, INC.

Tranche A of $42.5M funded Nov 5, 2026; Tranche B $7.5M available through Dec 15, 2027; Tranche C $10M subject to lender discretion.
Interest at greater of 10.50% or WSJ prime (capped at 8.00%) plus 3.75%; interest-only until Nov 1, 2030, maturing Nov 1, 2031.
Issued warrants for 1,666,668 shares at $1.08; 1,180,556 vested on Tranche A funding; 3.0% of each loan principal, expiring Nov 5, 2036.
Repaid Innovatus Loan Agreement in full for about $43.6M, including principal, accrued interest, prepayment and final fees; liens released.
Covenant requires liquidity at least outstanding principal when market cap is below $400M; 5.00% end-of-term payment and 1.00% commitment fee.

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