PureCycle misses Ironton milestone, secures bondholder waiver; raises $250M convertible notes

PureCycle Technologies, Inc.

Processed 409k lbs of feed; sent first commercial UPR resin shipments to Formerra and Milliken.
Unable to complete third bondholder milestone (4.45M lbs in 30 days) by Sep 30; new milestone Dec 31.
Negotiated Limited Waiver: extends milestones 3 months in exchange for $50M cash collateral; expected execution this week.
Raised $250M gross proceeds via 7.25% Green Convertible Senior Notes due 2030; net $218.5M.
Q3 net loss of $23.4M (subsidiary) vs $4.7M YoY; operating costs surged to $17.3M; zero hours of beneficial operations.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PureCycle Technologies, Inc. reported financial results for third quarter ended September 30, 2023.

Period: third quarter ended September 30, 2023
Result: reported results

Exact text from the filing

On November 7, 2023, the Company issued a press release, attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing the Company’s financial results for the third quarter ended September 30, 2023, and certain other information.

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001830033-23-000077

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