Grove Collaborative receives $15M PIPE from Volition Capital; plans to repay term debt

Grove Collaborative Holdings, Inc.

Volition Capital invests $15M in Series A' Convertible Preferred Stock at $1,000/share liquidation preference.
Conversion price of $1.9328/share (45% premium to 30-day VWAP); equates to ~7.76M shares of Class A common stock.
Proceeds used to repay at least $10M of $30M outstanding term loan by Nov 30, 2024, aiming for term-debt-free balance sheet.
Volition forfeits existing warrants for 1,600,683 common shares and modifies Series A terms; Larry Cheng remains on board.

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