Summary by Moomoo AI
On January 31, 2024, Canoo Inc. entered into two significant agreements with YA II PN, Ltd., also known as Yorkville. The first is the Seventh Supplemental Agreement to their existing Pre-Paid Advance Agreement, which allows Canoo to request cash advances up to $50 million. Under this new supplemental agreement, Yorkville will advance $20 million to Canoo, with net proceeds amounting to $18.8 million after accounting for a commitment fee and purchase price discount. The purchase price for shares related to this advance is set at the lower of $0.1805 per share or 95% of the lowest daily VWAP in the five days preceding each purchase notice, subject to a predefined floor price. Additionally, Canoo agreed to pay Yorkville a $1 million commitment fee, which will be deducted...Show More