Aeva announces $100M investment from Apollo Global

Aeva (AEVA) announced that funds managed by Apollo (APO) will invest $100M in 4.375% Convertible Senior Notes to support Aeva’s growing commercial momentum and accelerate the adoption of FMCW 4D LiDAR across a broad range of applications. Under the terms of the investment, the Apollo Funds will purchase $100 million in aggregate principal amount of 4.375% Convertible Senior Notes due 2032. The Notes will have an initial conversion price of $15.8643. The Notes will mature in seven years on November 15, 2032, unless earlier repurchased, redeemed or converted. The Notes will bear interest at a rate of 4.375% per year, with such interest to be paid in cash or Aeva common stock. Upon conversion, Aeva will have the right to elect settlement in cash, shares of its common stock, or any combination thereof in its sole discretion.