--- schema_version: "secwatch.filing_event.v1" accession: "0001628280-23-029373" form_type: "8-K" ticker: "GROV" cik: "0001841761" company_name: "Grove Collaborative Holdings, Inc." filed_at: "2023-08-14T23:59:59+00:00" generated_at: "2026-06-11T12:36:50.820593+00:00" event_type: "leadership" sentiment: "positive" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Grove Collaborative appoints Jeff Yurcisin as CEO, receives $10M from Volition Capital ## Summary - Jeff Yurcisin (former Zulily CEO) named CEO effective Aug 16; Stuart Landesberg becomes Executive Chair, John Replogle Lead Independent Director. - Volition Capital invests $10M for 10,000 Series A Preferred shares at $1,000 each plus warrants to buy ~1.6M common shares at $6.33. - Q2 net revenue $66.1M (-16.6% YoY); gross margin 51.9%; net loss margin -16.4%; first operating cash flow positive quarter. - FY2023 revenue guidance maintained; adjusted EBITDA guidance raised; expects near adjusted EBITDA breakeven in Q3. - Larry Cheng (Volition Capital Managing Partner, former Chewy board) joins Board as Class I director. ## SEC filing metadata - accession: 0001628280-23-029373 - form_type: 8-K - ticker: GROV - cik: 0001841761 - company_name: Grove Collaborative Holdings, Inc. - filed_at: 2023-08-14T23:59:59+00:00 - event_type: leadership - sentiment: positive - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 2.02, 3.03, 5.02, 5.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/grov-20230811.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-23-029373 - JSON: https://secwatch.observer/filing/0001628280-23-029373.json - Plain text: https://secwatch.observer/filing/0001628280-23-029373.txt ## Key facts - Earnings Releases Grove Collaborative Holdings, Inc. reported fiscal second quarter ended June 30, 2023 results: revenue $66.1 million, net income Net loss margin of (16.4%). Guidance raised. - Period: fiscal second quarter ended June 30, 2023 - Revenue: $66.1 million - Net income: Net loss margin of (16.4%) - Guidance: raised - Result: reported results source text: rather than top line growth. Therefore, we believe that our sequential quarterly results are the best indicator of our current financial performance. ● Net revenue of $66.1 million, down 7.6% from the first quarter of 2023, and down 16.6% year-over-year, largely due to reductions in advertising spend as we focus on profitability. ● Gross margin of 51.9%, evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - Executive change John Replogle was appointed as Lead Independent Director at Grove Collaborative Holdings, Inc.. - Action: appointed - Role: Lead Independent Director source text: The Board also appointed John Replogle as its lead independent director. evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - Executive change Stuart Landesberg changed role as Executive Chair at Grove Collaborative Holdings, Inc.. - Action: stepped down - Role: Executive Chair source text: Stuart Landesberg, who will step down from his position as Chief Executive Officer of the Company and will assume the role of Executive Chair of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - Executive change Jeffrey Yurcisin was appointed as President and Chief Executive Officer at Grove Collaborative Holdings, Inc.. - Action: appointed - Role: President and Chief Executive Officer source text: On August 11, 2023, the Board appointed Jeffrey Yurcisin as President and Chief Executive Officer of the Company, effective August 16, 2023 evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - Governance Changes Grove Collaborative Holdings, Inc.: Filed Certificate of Designation establishing Series A Preferred Stock terms in connection with a private placement. - Change: charter amendment source text: the Company filed the Certificate of Designation with the Secretary of State of the State of Delaware on the Closing Date setting forth the terms, rights, obligations and preferences of the Series A Preferred Stock. evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm - Material Agreements Grove Collaborative Holdings, Inc. entered into Subscription Agreement with Volition Capital Fund IV, L.P. (effective 2023-08-11). - Action: entry - Agreement: equity purchase - Counterparty: Volition Capital Fund IV, L.P. - Effective: 2023-08-11 source text: On August 11, 2023 (the “Closing Date”), Grove Collaborative Holdings, Inc. (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Volition Capital Fund IV, L.P. (the “Investor”) evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.