The Board and management of Gauzy extend their appreciation to Mr. Weinstein and Mr. Klein for their invaluable service and contributions to the Company FWIW, according to the November 2023 Note Purchase agreement between Gauzy and Chutzpah Holdings (Weinstein), Gauzy pledged the whole ball of wax to Chutzpah as security in case of a default. In April, they signed a second Note Purchase agreement with Orion Investment which give OIC preference in case of a default:
"The amounts owing under the Note Purchase Agreement, including the principal, interest and fees payable on any issued 2023 Notes, are secured by liens on the assets of Vision Lite, including a pledge of 100% of the equity interests in Gauzy SAS, and liens on all of our assets (including intellectual property), including a pledge of 100% of the equity interests in Vision Lite, Gauzy USA Inc. and Gauzy GmbH, which liens are second ranking and subject to the first ranking liens granted to the 2024 Note Purchasers and the obligations under the Note Purchase Agreement shall be junior and subordinated to the obligations under the 2024 Note Purchase Agreement.'"
I'm not savvy enough to understand the full ramifications, but if the terms of these Notes are still in force, I don't think Chutzpah or OIC can be terribly happy about the situation. And neither am I. |
