secwatch.observer — SEC 8-K summary
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Issuer:     Grove Collaborative Holdings, Inc. (GROV)
CIK:        0001841761
Form:       8-K
Filed at:   2024-09-23T23:59:59+00:00
Accession:  0001628280-24-041113
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841761/000162828024041113/0001628280-24-041113-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841761/000162828024041113/grov-20240920.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-041113

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer