secwatch.observer — SEC 8-K summary
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Issuer:     Upland Software, Inc. (UPLD)
CIK:        0001505155
Form:       8-K
Filed at:   2022-07-14T23:59:59+00:00
Accession:  0001505155-22-000049
Event type: other_material
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upland receives $115M HGGC investment; President Favaron to resign Aug 31
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- HGGC invests $115M in convertible preferred stock at $1,000/share; conversion price $17.50 (30% premium to July 13 close).
- Preferred stock carries 4.5% dividend, payable in cash or in-kind; after 7 years 7%. Represents ~17% of common shares as-converted.
- David Chung of HGGC to join Board as Series A Director; company reaffirms Q2 2022 guidance.
- Proceeds to fund M&A and general corporate purposes; pro forma cash ~$240M and net debt/AEBITDA ~2.9x as of Mar 31, 2022.
- President Rod Favaron resigns effective Aug 31; CEO Jack McDonald assumes President role.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/0001505155-22-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/upld-20220714.htm
  HTML page:      https://secwatch.observer/filing/0001505155-22-000049

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