secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K/A
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001573221-24-000066
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.03, 3.02, 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

The RealReal exchanges $152M in convertible notes for $135M new secured notes and warrants
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- Exchanged $145.75M of 3% convertible notes due 2025 and $6.48M of 1% notes due 2028 for $135M of 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029.
- Issued warrants to purchase up to 7,894,737 shares of common stock at $1.71 strike, exercisable until March 1, 2029.
- New notes bear 13% total interest (8.75% cash + 4.25% PIK), mature no later than March 1, 2029, secured by substantially all assets.
- Financial results for Q4 and FY 2023 were announced on Feb 29, 2024; specific figures not included in this amendment.
- Liquidity covenant requires at least $25M unrestricted cash and unused commitments at month-end.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000157322124000066/0001573221-24-000066-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000157322124000066/real-20240229.htm
  HTML page:      https://secwatch.observer/filing/0001573221-24-000066

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