secwatch.observer — SEC 8-K summary
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Issuer:     Grove Collaborative Holdings, Inc. (GROV)
CIK:        0001841761
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001628280-23-029373
Event type: leadership
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 3.03, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Grove Collaborative appoints Jeff Yurcisin as CEO, receives $10M from Volition Capital
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/0001628280-23-029373-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841761/000162828023029373/grov-20230811.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-029373

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