8-K
filed April 29, 2024, 7:59 PM ET
ticker BLND
CIK 0001855747
other material
confidence high
sentiment positive
materiality 0.85
Blend Labs secures $150M investment from Haveli; repays $145M credit line, appoints Sheth to board
Blend Labs, Inc.
- Haveli invests $150M in Series A convertible preferred stock at $3.25/share conversion (31% premium to April 26 close).
- Approximately $145M of proceeds used to fully repay existing Blue Owl credit agreement; remainder for general corporate purposes.
- Haveli receives warrant for ~11.1M shares of common stock at $4.50/share (81% premium), exercisable for 24 months.
- Brian Sheth (Haveli CIO) appointed to Blend board; three directors (Mather, Burnham, Collard) not standing for reelection.
- Preferred stock redeemable after 5 years at 150%-200% of liquidation preference; company can redeem after 7 years at 200%.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian Sheth was appointed as Director at Blend Labs, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board appointed Mr. Sheth to serve as a member of the Board effective as of the Closing Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ann Mather departed as Director at Blend Labs, Inc..
- Action
- not standing for reelection
- Role
- Director
Exact text from the filing
On April 23, 2024, each of Ann Mather, Ciara Burnham and Erin Collard informed the Company that they would not stand for reelection to the Board at the Company’s Annual Meeting.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ciara Burnham departed as Director at Blend Labs, Inc..
- Action
- not standing for reelection
- Role
- Director
Exact text from the filing
On April 23, 2024, each of Ann Mather, Ciara Burnham and Erin Collard informed the Company that they would not stand for reelection to the Board at the Company’s Annual Meeting.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Erin Collard departed as Director at Blend Labs, Inc..
- Action
- not standing for reelection
- Role
- Director
Exact text from the filing
On April 23, 2024, each of Ann Mather, Ciara Burnham and Erin Collard informed the Company that they would not stand for reelection to the Board at the Company’s Annual Meeting.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Blend Labs, Inc. entered into Investment Agreement with Haveli Brooks Aggregrator, L.P. valued at $150 million (effective 2024-04-29).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Haveli Brooks Aggregrator, L.P.
- Value
- $150 million
- Effective
- 2024-04-29
Exact text from the filing
On April 29, 2024 (the “Closing Date”), Blend Labs, Inc., a Delaware corporation (the “Company” or “Blend”), entered into an Investment Agreement (the “Investment Agreement”) with Haveli Brooks Aggregrator, L.P. (the “Investor” or “Haveli”) and issued 150,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.00001 per share (the “Series A Preferred Stock”), for an aggregate purchase price of $150 million, or $1,000 per share (the “Issuance”).
View on SEC.gov
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