Item 1.01. Entry into a Material Definitive Agreement.
Indenture and Notes
On
The Notes were offered in a private placement in reliance on Section 4(a)(2) of
the Securities Act of 1933, as amended (the "Securities Act"), to the initial
purchasers for initial resale to persons reasonably believed to be qualified
institutional buyers pursuant to an exemption from registration provided by
Rule 144A promulgated under the Securities Act. The offer and sale of the Notes
and the Class A common stock of the Company (the "Class A common stock")
issuable upon conversion, if any, have not been registered under the Securities
Act or the securities laws of any other jurisdiction, and may not be offered or
sold in
In connection with the issuance of the Notes, the Company entered into an
Indenture, dated
The Notes are general senior unsecured obligations of the Company, ranking senior in right of payment to any future debt that is expressly subordinated in right of payment to the Notes and equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The Notes will be effectively subordinated to all of the Company's existing and future secured debt to the extent of the value of the assets securing such debt. The Notes will be structurally subordinated to all of the existing and future liabilities and obligations of the Company's subsidiaries.
Holders may convert their Notes under the following conditions at any time prior
to the close of business on the business day immediately preceding
· during any calendar quarter commencing after the calendar quarter ending on
March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
· during the five business day period after any five consecutive trading day
period in which the trading price per$1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the Class A common stock and the conversion rate on each such trading day;
· if the Company calls any or all of the Notes for redemption, at any time prior
to the close of business on the scheduled trading day immediately preceding the redemption date; or
· upon the occurrence of specified corporate events as described in the
Indenture.
In addition, holders may convert their Notes, in multiples of
The events of default, as set forth in the Indenture, include customary events including a default in the payment of principal or interest, failure to comply with the obligation to deliver amounts due upon conversion, failure to give certain notices, failure to comply with obligations in respect of certain merger transactions, defaults under certain other indebtedness and certain events of bankruptcy and insolvency.
The foregoing description of the Indenture and the Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Indenture and the form of Notes, which are attached as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 3.02 Unregistered Sales of
The information set forth in Item 1.01 above is incorporated by reference into this Item 3.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description
4.1 Indenture, datedNovember 23, 2021 , between the Company andWilmington Trust, National Association , as trustee 4.2 Form of 0% Convertible Senior Note due 2026 (included in Exhibit 4.1) 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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