secwatch.observer — SEC 8-K summary
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Issuer:     Blend Labs, Inc. (BLND)
CIK:        0001855747
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001855747-24-000043
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 1.02, 3.02, 3.03, 5.03, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blend Labs secures $150M investment from Haveli; repays $145M credit line, appoints Sheth to board
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855747/000185574724000043/0001855747-24-000043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855747/000185574724000043/blnd-20240423.htm
  HTML page:      https://secwatch.observer/filing/0001855747-24-000043

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