Grove Collaborative Holdings Reports Material Agreements & Financials

TL;DR

Grove Collaborative terminated and entered new material agreements on Nov 21st, filing financials too.

AI Summary

Grove Collaborative Holdings, Inc. filed an 8-K on November 25, 2024, reporting on events that occurred on November 21, 2024. The filing indicates both the entry into and termination of material definitive agreements, as well as the submission of financial statements and exhibits. Specific details regarding these agreements and financial statements are not provided in this excerpt.

Why It Matters

This filing signals significant corporate actions, including the execution and dissolution of material contracts, which could impact the company's operational and financial standing.

Risk Assessment

Risk Level: medium — The simultaneous entry into and termination of material definitive agreements suggests potential volatility or significant strategic shifts within the company.

Key Players & Entities

• Grove Collaborative Holdings, Inc. (company) — Registrant
• Virgin Group Acquisition Corp. II (company) — Former Company Name
• November 21, 2024 (date) — Earliest event reported
• November 25, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 GROV New York Stock Exchange Indicate
• $30,349,672.50 — n full all obligations in the amount of $30,349,672.50 (other than inchoate indemnity obligati

Filing Documents

• grov-20241121.htm (8-K) — 38KB
• exhibit101amendmentno2tolo.htm (EX-10.1) — 72KB
• 0001628280-24-049138.txt ( ) — 249KB
• grov-20241121.xsd (EX-101.SCH) — 2KB
• grov-20241121_lab.xml (EX-101.LAB) — 23KB
• grov-20241121_pre.xml (EX-101.PRE) — 13KB
• grov-20241121_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On November 21, 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 March 10, 2023 (as amended by that certain Amendment No. 1 to Loan and Security Agreement, dated as of July 16, 2024, the "ABL Loan Agreement"), by and among the Borrowers and Siena Lending Group LLC, a Delaware limited liability company, as lender (in such capacity, the "ABL Lender"), entered into that certain Amendment No. 2 to Loan and Security Agreement, dated as of November 21, 2024 (the "Amendment"), by and among the ABL Lender and the Borrowers, which amends the ABL Loan Agreement to, among other things, (i) reduce the liquidity and excess availability thresholds for triggering a cash dominion event and additional appraisal requirements, (ii) reduce the liquidity threshold for the availability block, (iii) cause the maturity date to no longer be coterminous with the Term Loan Agreement (as defined below), (iv) reduce the liquidity and excess availability requirements for permitted acquisitions and earnout and deferred compensation payments, (v) revise the financial covenant to reduce the minimum liquidity requirement thereunder and to remove the step up in required liquidity previously triggered by certain events relating to the Term Loan Agreement (as defined below) and (vi) update the reporting requirements under the ABL Loan Agreement. The foregoing description of the Amendment is subject to and qualified in its entirety by reference to the full text of the Amendment, a copy of which is included as Exhibit 10.1 hereto, and the terms of which are incorporated herein by reference.

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement On November 21, 2024, the Borrowers, in their capacity as 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, and by that certain Amendment No. 2 to Loan and Security Agreement, dated as of July 16, 2024, the "Term Loan Agreement"), among the Borrowers, Ocean II PLO LLC, a California limited liability company, as administrative and collateral agent, and the lending institutions party thereto (collectively, the "Term Loan Lenders"), voluntarily repaid and discharged in full all obligations in the amount of $30,349,672.50 (other than inchoate indemnity obligations or other obligations that expressly survive termination) under the Term Loan Agreement and terminated the Term Loan Agreement and the other Loan Documents as defined in the Term Loan Agreement.

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 November 21, 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 Dated: November 25, 2024

View Full Filing

View this 8-K filing on SEC EDGAR