Proterra Reaches Binding Letter of Intent with Cowen Convertible Note Holders

Rhea-AI Summary

BURLINGAME, Calif., March 20, 2023 (GLOBE NEWSWIRE) -- Proterra (Nasdaq: PTRA) has announced a binding letter of intent with CSI GP I LLC, proposing amendments to the Note Purchase Agreement from August 4, 2020. The modifications involve changes to the terms related to convertible notes held by the Cowen Parties. Proterra intends to finalize definitive agreements reflecting this intent. Shareholders can find additional details in Proterra's Current Report on Form 8-K filed today with the SEC. As a leader in zero-emission electric transit vehicles, Proterra focuses on innovation in commercial vehicle electrification technology.

Positive

• Proterra is set to amend its Note Purchase Agreement, potentially improving financial terms for investors.
• The company's ongoing focus on zero-emission electric vehicles aligns with growing market demand for sustainable transport solutions.

Negative

• The forward-looking statements indicate uncertainty regarding the ability to finalize agreements, reflecting potential risk for investors.

BURLINGAME, Calif., March 20, 2023 (GLOBE NEWSWIRE) -- Proterra Inc (Nasdaq: PTRA) (together with its subsidiary, Proterra Operating Company, Inc., “Proterra” or the “Company”), a leading innovator in commercial vehicle electrification technology, today announced that the Proterra Operating Company, Inc. has reached a binding letter of intent with CSI GP I LLC and its affiliates (the “Cowen Parties”) that sets forth proposed amendments to the Note Purchase Agreement, dated as of August 4, 2020, by and among Proterra Operating Company, Inc., the investors and guarantors from time to time party thereto and CSI GP I LLC, as collateral agent, and the convertible notes issued to the Cowen Parties pursuant thereto. The parties intend to enter into definitive agreements reflecting the terms in the binding letter of intent.

Please refer to the Company’s Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission today, for a description of the binding letter of intent, which is filed as an exhibit thereto.

About Proterra
Proterra is a leader in the design and manufacture of zero-emission electric transit vehicles and EV technology solutions for commercial applications. With industry-leading durability and energy efficiency based on rigorous U.S. independent testing, Proterra products are proudly designed, engineered, and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles. For more information, please visit www.proterra.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the execution of amendments to the Note Purchase Agreement and Cowen Notes, including the timing and final terms thereof; the parties’ ability to enter into definitive agreements in a timely manner, on the terms set forth in the binding letter of intent or at all. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including risks and uncertainties set forth in the sections entitled “Risk Factors” in the Company’s Annual Report for the year ended December 31, 2022 filed with the SEC on March 17, 2023 or the Company’s other filings with the SEC. The forward-looking statements included in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Proterra does not give any assurance that it will achieve its expectations.

 

FAQ

What is Proterra's recent announcement on March 20, 2023?

Proterra announced a binding letter of intent with CSI GP I LLC to amend its Note Purchase Agreement.

How does the binding letter of intent affect Proterra's financial agreements?

The intent proposes amendments that could change the terms of convertible notes held by the Cowen Parties.

Where can I find more details about Proterra's announcement?

Additional details are available in Proterra's Current Report on Form 8-K filed with the SEC.

What does Proterra specialize in?

Proterra specializes in the design and manufacture of zero-emission electric transit vehicles and EV technology for commercial use.

What is the stock symbol for Proterra?

Proterra is listed under the stock symbol PTRA.