In less than a year the company has seen a public listing via a SPAC merger, record Q2 numbers, and a seemingly unending round of acquisitions including SMH Fleet Solutions for £70 million and Swipcar for €30 million, and brumbrum for €80 million.
And now, the company is adding another $630 million to the fires through a 2 percent sale via convertible senior notes, that subsequently will convert to Class A ordinary shares at a price of $5.00 per share. This price represents a 20% premium to the trailing 5 trading day volume-weighted average price of the share.
As a reminder: Cazoo’s initial share price was listed at $10, a common figure for most SPAC listings, with the market then determining how much the company is worth.
1) We will see more of these. Senior convertible notes at $5 vs. the original $10 SPAC merger price. Essentially growth equity rounds in illiquid public equities.
— Gavin Baker (@GavinSBaker) February 13, 2022