A deliciously smooth and creamy dairy free alternative to milk made from Yellow Split-Peas!
Business Highlights
Fundraising history | This round | |
---|---|---|
Type
|
- | Convertible - Pre-emption |
Last price changed
|
01 Jul 2021 | 20 Aug 2021 |
Discount
|
- | 20.00% |
Valuation
|
£8,414,892.64 | N/A |
Share price
|
£21.23 | N/A |
Share price change (%)
|
11.40% | - |
Tax relief
|
- | None |
Learn more about convertible campaigns.
Idea
Preemption details
The company is raising a total of £4,000,000 from investors in the form of a convertible loan agreement. This campaign gives Seedrs investors the ability to take their pre-emption rights in the round.
The company has already had commitment for the full £4,000,000 from non-Seedrs investors, but one such investor will be scaling back their investment to the extent Seedrs investors participate in the round so the total investment does not exceed £4,000,000.
As part of the convertible investment, the two lead investors will also participate in a secondary sale, under which they will acquire £500,000 worth of shares on the basis of a Company pre-money valuation of £12.5m.
As this is a pre-emption campaign limited information is provided. More information can be found by reviewing the business's post investment page. This information has not been reviewed or approved by Seedrs.
Convertible Loan Key Terms
The key terms of the convertible loan agreement are set out below and should be read in conjunction with the Convertible Loan Term Sheet attached to the Documents section of this campaign:
- Discount: 20%
- Interest: 4% per annum
- Valuation Cap: £20,000,000
- Maturity Date: 30 months from the date of signing the convertible loan agreement
- Qualified Financing: equity financing raising not less than £3,000,000
- Non Qualified Financing: equity financing raising less than £3,0000,000
- Conversion or repayment triggers:
(1) On Qualified Financing, the loan plus accrued interest will automatically convert into the highest class of shares at the lower of (i) a 20% discount to the price of the Qualified Financing or (ii) the Valuation Cap.
(2) On a Non-Qualified Financing Round, the lender majority will have the option to convert the loan plus accrued interest into the highest class of shares at the lower of (i) a 20% discount to the price of the Non-Qualified Financing Round or (ii) the Valuation Cap.
(2) On the Maturity Date, the loan plus accrued interest shall convert into the highest class of shares at the Valuation Cap of £20,000,000.
(3) On an exit event, the loan plus accrued interest will automatically convert into the highest class of shares at the Valuation Cap if the gross proceeds of the exit is more than £20,000,000. Otherwise, the lender majority will have the option of demanding repayment of the loan plus interest.
(4) On a winding up event, the loan plus accrued interest is repayable at the option of the lender majority.
Outstanding loans
The Company currently has an outstanding £50k bounce back loan.
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If you successfully purchase a share lot of this business, you will be granted access.
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