Aeva Technologies announces $145M capital raise

Subsequent to the quarter end, Aeva made the strategic decision to bolster its balance sheet with additional capital and entered into agreements for a capital raise of $145M with existing long-term stockholders. On November 8, 2023, Aeva entered into agreements with Adage Capital and Sylebra Capital to purchase approximately $20M of common stock in a private placement offering at the average closing price of the prior five trading days as of November 7, 2023, without a discount. The private placement is expected to close on or about November 9, 2023, subject to customary closing conditions. In addition, on November 8, 2023, the company entered into a Standby Equity Purchase Agreement with Sylebra. Pursuant to the Facility Agreement, the company will have the right, but not the obligation, to sell to Sylebra up to $125M of its shares of preferred stock, at the company’s request until November 8, 2026. The preferred stock will be issued at a price per share of $10,000 and holders of the preferred stock will be entitled to a quarterly dividend at the rate of 7.0% per annum payable in cash or in kind at the option of the company. The facility is currently undrawn, and Aeva can draw on the facility at its discretion, subject to a new passenger auto-OEM or commercial OEM production program award. The company believes the additional capital strategically puts Aeva in a stronger position to win additional programs by building OEM confidence in our ability to support multiple programs, including with major automotive OEMs looking at a select few suppliers who can support their high-volume production programs beyond SOP. Oppenheimer & Co. Inc. acted as sole placement agent in connection with the offering.