---
schema_version: "secwatch.filing_event.v1"
accession: "0001830033-23-000077"
form_type: "8-K"
ticker: "PCT"
cik: "0001830033"
company_name: "PureCycle Technologies, Inc."
filed_at: "2023-11-08T23:59:59+00:00"
generated_at: "2026-06-08T10:37:23.969314+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001830033-23-000077
- form_type: 8-K
- ticker: PCT
- cik: 0001830033
- company_name: PureCycle Technologies, Inc.
- filed_at: 2023-11-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1830033/000183003323000077/0001830033-23-000077-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1830033/000183003323000077/pct-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001830033-23-000077
- JSON: https://secwatch.observer/filing/0001830033-23-000077.json
- Plain text: https://secwatch.observer/filing/0001830033-23-000077.txt

## Key facts
- Earnings Releases
  PureCycle Technologies, Inc. reported financial results for third quarter ended September 30, 2023.
  - Period: third quarter ended September 30, 2023
  - Result: reported results
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1830033/000183003323000077/0001830033-23-000077-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.