Summary by Moomoo AI
On January 8, 2024, Lemonade, Inc., a company listed on the New York Stock Exchange, announced the entry into an Amended and Restated Customer Investment Agreement with GC Customer Value Arranger, LLC, acting as Arranger for the Investors. The agreement stipulates that the Investors will provide Lemonade with up to $150 million for sales and marketing efforts until December 31, 2024, extending the original commitment from June 28, 2023. Additionally, the Investors will provide up to $140 million from December 31, 2024, through December 31, 2025. The investment is structured so that the Investors will fund up to 80% of the Company's Growth Spend at the start of each Growth Period. Lemonade will then pay the Investors a percentage of the Reference Income generated until the Investors achieve a 16% Internal Rate of Return. The agreement includes standard representations, warranties, and covenants and will remain effective unless terminated as per its terms. Details of the agreement are expected to be filed with Lemonade's Annual Report on Form 10-K for the year ending December 31, 2023.