ThredUp Inc. (TDUP): M&A transaction — 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.

item 1.01 item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ThredUp Inc. completed a disposition involving Florin Filote for €1.00 (one Euro) (closed 2024-11-30).

Action: disposition
Counterparty: Florin Filote
Consideration: €1.00 (one Euro)
Closing: 2024-11-30

Exact text from the filing

(the “Company”) entered into a Stock Purchase Agreement (the “SPA”), by and among the Company and Florin Filote, the general manager of the Company’s European business and Bulgarian subsidiary, Remix Global EAD (“Remix”).

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ThredUp Inc. filing history →

Source: SEC EDGAR

accession 0001484778-24-000179

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