Wejo Group Ltd: debt financing — Wejo Limited files notice to appoint administrators, accelerating ~$59M in debt; expects delisting

Wejo Group Ltd

Wejo Limited filed notice of intention to appoint administrators (Andrew Poxon & Hilary Pascoe) on May 30, 2023.
Event of default accelerated obligations: $42.6M secured loan notes, $10.5M convertible, $3.57M second lien, $2.2M unsecured.
Company evaluating ancillary insolvency proceedings in other jurisdictions, including the US.
Expects Nasdaq delisting notice and will not appeal; delisting of shares and warrants anticipated.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wejo Group Ltd faced acceleration on loan of approximately $42.6 million in principal and unpaid interest through April 2024 in the aggregate under the Secured Loan with Securis Investment Partners LLP.

Instrument: loan
Principal: approximately $42.6 million in principal and unpaid interest through April 2024 in the aggregate under the Secured Loan
Counterparty: Securis Investment Partners LLP
Event: acceleration

Exact text from the filing

The filing of the Notice of Intent constitutes an event of default that accelerated the Company’s obligations under (i) the Secured Loan Notes issued under that certain Loan Note Instrument, dated April 21, 2021, by and among Wejo Limited and Securis Investment Partners LLP, as security agent;

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wejo Group Ltd faced acceleration on debt of $2.2 million in principal and redemption premium in the aggregate under the Unsecured Note with Tim Lee.

Principal: $2.2 million in principal and redemption premium in the aggregate under the Unsecured Note
Counterparty: Tim Lee
Event: acceleration

Exact text from the filing

aggregate under the Secured Convertible Notes; (iii) approximately $3.57 million in principal, interest and extension fees in the aggregate under the Second Lien Note, and (iv) $2.2 million in principal and redemption premium in the aggregate under the Unsecured Note.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wejo Group Ltd faced acceleration on senior notes of approximately $3.57 million in principal, interest and extension fees in the aggregate under the Second Lien Note with Esousa Holdings LLC.

Instrument: senior notes
Principal: approximately $3.57 million in principal, interest and extension fees in the aggregate under the Second Lien Note
Counterparty: Esousa Holdings LLC
Event: acceleration

Exact text from the filing

Secured Loan Notes; (ii) approximately $10.5 million in principal and interest through December 2023 in the aggregate under the Secured Convertible Notes; (iii) approximately $3.57 million in principal, interest and extension fees in the aggregate under the Second Lien Note, and (iv) $2.2 million in principal and redemption premium in the aggregate under the

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wejo Group Ltd faced acceleration on convertible notes of approximately $10.5 million in principal and interest through December 2023 in the aggregate under the Secured Convertib with General Motors Holdings LLC.

Instrument: convertible notes
Principal: approximately $10.5 million in principal and interest through December 2023 in the aggregate under the Secured Convertib
Counterparty: General Motors Holdings LLC
Event: acceleration

Exact text from the filing

(ii) Secured Convertible Note issued under that certain Securities Purchase Agreement, dated December 16, 2022, by and between the Company and General Motors Holdings LLC

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Source: SEC EDGAR

accession 0001864448-23-000131

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