ThredUp divests European business Remix for €1, retains 9% stake and €61.6M convertible note

ThredUp Inc.

Sold 91% of Remix US Holdings to GM Florin Filote for €1; retains 9% minority stake.
Received €61.6M unsecured convertible promissory note from Remix (125bp + EURIBOR, due 2034).
Provided final $2M cash investment to Remix to help fund operations pre-closing.
Pro forma: continuing ops revenue $192.8M, operating loss $32.5M for nine months ended Sep 30, 2024.
Allows ThredUp to focus on core US marketplace; Remix to operate independently.

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