Wejo Group Ltd: debt financing — Wejo Group subsidiary files second administration notice; $58.9M debt accelerated; Nasdaq delisted

Wejo Group Ltd

Wejo Limited filed second Notice of Intent to appoint administrators; first expired June 12, 2023; new filing June 13, 2023.
Default accelerated ~$42.6M Secured Loan Notes, ~$10.5M GM Convertible, ~$3.57M Esousa Second Lien, $2.2M Unsecured Note.
Company will not appeal Nasdaq delisting; trading of common shares and warrants suspended June 9, 2023.
Evaluating ancillary insolvency proceedings in other jurisdictions, including the US.

item 1.03 item 2.04 item 7.01

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 convertible notes of $10.5 million with General Motors Holdings LLC.

Instrument: convertible notes
Principal: $10.5 million
Counterparty: General Motors Holdings LLC
Event: acceleration

Exact text from the filing

each such note issuance: (i) approximately $42.6 million in principal and unpaid interest through April 2024 in the aggregate under the 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

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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 $2.2 million with Tim Lee.

Instrument: senior notes
Principal: $2.2 million
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 $3.57 million with Esousa Holdings LLC.

Instrument: senior notes
Principal: $3.57 million
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 senior notes of $42.6 million with Securis Investment Partners LLP.

Instrument: senior notes
Principal: $42.6 million
Counterparty: Securis Investment Partners LLP
Event: acceleration

Exact text from the filing

Company in favor of Tim Lee. As of the date of the Second Notice of Intent, the Company had the following amounts outstanding under each such note issuance: (i) approximately $42.6 million in principal and unpaid interest through April 2024 in the aggregate under the Secured Loan Notes; (ii) approximately $10.5 million in principal and interest through December

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Source: SEC EDGAR

accession 0001864448-23-000138

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