Transphorm, Inc.: debt financing — Transphorm raises $3.0M via warrant exercise, $2.1M via equipment sale to extend runway

Transphorm, Inc.

Entered inducement letters with existing investors to exercise 1,069,272 warrants at lowered $2.80/share, raising $3.0M in cash.
Issued new warrants exercisable at $3.80/share, expiring Dec 2026, covering same number of shares.
Sold wafer equipment to GlobalWafers for $2.1M; repurchase option within 1 year at 7.5% annualized cost.
Proceeds from both transactions used for working capital and to extend runway during strategic review managed by BofA Securities.
Strategic review process previously disclosed; no transaction guaranteed.

item 1.01 item 2.01 item 2.03 item 3.02 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Transphorm, Inc. amended debt of $2.1 million with GlobalWafers Co., Ltd. at 7.5% maturing one year from the Effective Date.

Principal: $2.1 million
Counterparty: GlobalWafers Co., Ltd.
Rate: 7.5%
Maturity: one year from the Effective Date
Event: amendment

Exact text from the filing

Agreement ”) with GlobalWafers Co., Ltd. (the “Buyer”), wherein the Company sold certain equipment associated with wafer manufacturing (the "Equipment") to the Buyer for $2.1 million (the “Purchase Price”). The Equipment Agreement contains an option for the Company to repurchase the Equipment at any time within one year of the Effective Date at the Purchase

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Transphorm, Inc. entered into Equipment Purchase and Sale Agreement with GlobalWafers Co., Ltd. valued at Company sold certain equipment associated with wafer manufacturing for $2.1 million; includes option (effective 2023-12-21).

Action: entry
Agreement: asset purchase
Counterparty: GlobalWafers Co., Ltd.
Value: Company sold certain equipment associated with wafer manufacturing for $2.1 million; includes option
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023 (the “Effective Date”), the Company entered into an Equipment Purchase and Sale Agreement (the “ Equipment Agreement ”) with GlobalWafers Co., Ltd. (the “Buyer”), wherein the Company sold certain equipment associated with wafer manufacturing (the "Equipment") to the Buyer for $2.1 million (the “Purchase Price”).

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Source: SEC EDGAR

accession 0001715768-23-000112

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