Grove Collaborative Enters Material Definitive Agreement
Ticker: GROVW · Form: 8-K · Filed: Jul 19, 2024 · CIK: 1841761
| Field | Detail |
|---|---|
| Company | Grove Collaborative Holdings, INC. (GROVW) |
| Form Type | 8-K |
| Filed Date | Jul 19, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $42,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Grove Collaborative just signed a big financial deal, filing an 8-K on it.
AI Summary
Grove Collaborative Holdings, Inc. entered into a material definitive agreement on July 16, 2024, related to a direct financial obligation. The company, formerly known as Virgin Group Acquisition Corp. II, is incorporated in Delaware and headquartered in San Francisco, California.
Why It Matters
This filing indicates a significant financial event for Grove Collaborative, potentially impacting its financial obligations and future operations.
Risk Assessment
Risk Level: medium — Entering into new financial obligations can introduce financial risks and uncertainties for a company.
Key Players & Entities
- Grove Collaborative Holdings, Inc. (company) — Registrant
- Virgin Group Acquisition Corp. II (company) — Former Company Name
- July 16, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- San Francisco, California (location) — Principal executive offices
FAQ
What specific material definitive agreement did Grove Collaborative Holdings, Inc. enter into?
The filing states that Grove Collaborative Holdings, Inc. entered into a material definitive agreement, but the specific details of the agreement are not provided in this excerpt.
What is the nature of the direct financial obligation or off-balance sheet arrangement?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specifics are not detailed in this summary.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 16, 2024.
What was Grove Collaborative Holdings, Inc. formerly known as?
Grove Collaborative Holdings, Inc. was formerly known as Virgin Group Acquisition Corp. II.
Where are Grove Collaborative Holdings, Inc.'s principal executive offices located?
Grove Collaborative Holdings, Inc.'s principal executive offices are located at 1301 Sansome Street, San Francisco, California, 94111.
Filing Stats: 873 words · 3 min read · ~3 pages · Grade level 12.5 · Accepted 2024-07-18 17:49:28
Key Financial Figures
- $0.0001 — tered Class A common stock, par value $0.0001 GROV New York Stock Exchange Indicate
- $42,000,000 — he Term Loan Agreement in the amount of $42,000,000 (the "Prepayment"). In connection wit
Filing Documents
- grov-20240716.htm (8-K) — 38KB
- grove-amendmentno2toloanan.htm (EX-10.1) — 43KB
- grove-amendmentno1toloanan.htm (EX-10.2) — 35KB
- 0001628280-24-032249.txt ( ) — 259KB
- grov-20240716.xsd (EX-101.SCH) — 2KB
- grov-20240716_lab.xml (EX-101.LAB) — 23KB
- grov-20240716_pre.xml (EX-101.PRE) — 13KB
- grov-20240716_htm.xml (XML) — 3KB
01. Amendments to Material Definitive Agreements
Item 1.01. Amendments to Material Definitive Agreements On July 16, 2024, Grove Collaborative Holdings, Inc., a Delaware public benefit corporation ("Holdings") and Grove Collaborative, Inc., a Delaware public benefit corporation ("Grove"), in their capacity as borrowers (Holdings and Grove, collectively, the "Borrowers") under that certain Loan and Security Agreement, dated as of December 21, 2022 (as amended by that certain Amendment No. 1 to Loan and Security Agreement, dated as of March 10, 2023, the "Term Loan Agreement"), among the Borrowers, Ocean II PLO LLC, a California limited liability company, as administrative and collateral agent (the "Agent"), and the lending institutions party thereto (collectively, the "Term Loan Lenders"), voluntarily prepaid a portion of the principal outstanding under the Term Loan Agreement in the amount of $42,000,000 (the "Prepayment"). In connection with the Prepayment, the Borrowers entered into (a) that certain Amendment No. 2 to Loan and Security Agreement, dated as of July 16, 2024 (the "Second Amendment"), among the Borrowers, the Term Loan Lenders and the Agent, which amends the Term Loan Agreement to, among other things, (i) provide for a reduction in the amount of Unrestricted Cash (as defined in the Term Loan Agreement) required to be maintained by the Borrowers and (ii) extend the Amortization Date from July 1, 2025 to January 1, 2026, and (b) that certain Amendment No. 1 to Loan and Security Agreement, dated as of July 16, 2024 (the "First Amendment" and, together with the Second Amendment, collectively, the "Amendments"), among the Borrowers and Siena Lending Group LLC, a Delaware limited liability company, as lender (in such capacity, the "ABL Lender"), which amends that certain Loan and Security Agreement, dated as of March 10, 2023 (the "ABL Loan Agreement"), by and among the Borrowers and the ABL Lender, to, among other things, (i) reduce the liquidity thresholds for triggering a cash dominion event and ad
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 2 to Loan and Security Agreement, dated as of July 16, 2024, by and among Grove Collaborative Holdings, Inc., Grove Collaborative, Inc., Structural Capital Investments III, LP, Structural Capital Investments IV, LP, Avenue Sustainable Solutions Fund, L.P., and Series PCI Grove series of Structural Capital Primary Co-Investment Fund, LLC, and Ocean II PLO LLC 10.2 Amendment No. 1 to Loan and Security Agreement, dated as of July 16, 2024, by and among Grove Collaborative Holdings, Inc., Grove Collaborative, Inc. and Siena Lending Group LLC 104 Cover Page Interactive Data File (formatted as Inline XBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GROVE COLLABORATIVE HOLDINGS, INC. By: /s/ Sergio Cervantes Name: Sergio Cervantes Title: Chief Financial Officer Date: July 18, 2024