secwatch.observer — SEC 8-K summary
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Issuer:     PureCycle Technologies, Inc. (PCT)
CIK:        0001830033
Form:       8-K
Filed at:   2023-11-08T23:59:59+00:00
Accession:  0001830033-23-000077
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1830033/000183003323000077/0001830033-23-000077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1830033/000183003323000077/pct-20231107.htm
  HTML page:      https://secwatch.observer/filing/0001830033-23-000077

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