Innventure, Inc. Announces Financing Agreements to Further Strengthen Balance Sheet
Enters $50 Million Secured Line of Credit with Western Technology Investment
Issues Approximately $11 Million of Series B Preferred Stock
ORLANDO, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ:INV) ("Innventure"), a technology commercialization platform, today announced two financing arrangements to bolster its capital position and provide additional operating flexibility.
The Company entered into a $50 million secured line of credit (the "Line of Credit") with Western Technology Investment ("WTI"). The Company expects to draw on the Line of Credit in multiple installments through March 31, 2025, subject to the satisfaction of certain conditions and achievement of certain commercial milestones by certain dates.
Innventure also entered into investment agreements at the time of closing of the business combination the ("Business Combination") with certain qualified investors for the issuance and sale of approximately $11 million of Series B Preferred Stock in a private placement of Series B Preferred Stock. Proceeds from this offering augmented the $11.3 million of trust assets that were not redeemed in connection with the Business Combination.
"These financing agreements are a testament to Innventure's differentiated business model and mark a significant milestone as a newly public company," said Bill Haskell, CEO of Innventure. "The Line of Credit and private placement, together with our conditional $75 million Standby Equity Purchase Agreement with Yorkville, strengthen Innventure's financial position and provide even greater opportunity to continue identifying, funding and commercializing transformative technologies."
About InnventureInnventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive'' as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements about the Company's business model, the ...
