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Pre-emption

YellowDog

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Helping businesses power their innovations with the most scalable cloud native technology.

View more details of this business.
93% allocated
 - 
Closed 6 May 2020
£71,814.84 max allocation
£4,915 still available

Business Highlights

Fundraising history This round
Type
- Convertible - Pre-emption
Last price changed
08 May 2019 06 May 2020
Discount
- 50.00%
Valuation
£13,608,957.39 N/A
Share price
£2.87 N/A
Share price change (%)
474.00% -
Tax relief
- EIS
More
Less

 

Total raised

£415.4K

  • Idea
  • Team
  • Updates
  • Investors 112
  • Discussion
  • Documents

Learn more about convertible campaigns.

Fundraising history on Seedrs

  • Pitch closing date
    Funding round
    Raised
    Pre-money valuation
    Equity offered
    Equity
    Investors
  • 1 Nov 2021
    £1,017,212
    £10,481,678
    8.85%
    81
    View pitch
  • 22 Jan 2021
    £1,000,000
    Convertible
    50.00% discount
    96
    View pitch
  • 6 May 2020
    £415,370
    Convertible
    50.00% discount
    112
    View pitch
  • 14 Mar 2019
    £2,011,233
    £11,950,712
    14.41%
    98
    View pitch
  • 18 Nov 2017
    £605,073
    £5,998,089
    9.16%
    352
    View pitch
  • 19 Oct 2016
    £630,516
    £2,999,056
    17.37%
    34
    View pitch
  • 10 Mar 2016
    £196,098
    £1,242,638
    13.63%
    32
    View pitch
  • 14 Sep 2015
    £12,102
    £1,007,334
    1.19%
    38
    View pitch
  • 2 Jun 2015
    £150,000
    £555,882
    21.25%
    133
    View pitch
View more details of this business.

Idea

Introduction

Many industries experience business critical computing processes that, requiring lots of computing power, often overrun and fail causing high costs to those businesses. These high performance computing (HPC) applications include rendering computer generated imagery, processing of risk, financial and actuarial models, and weather forecasts.

YellowDog aims to solve these problems with its leading Intelligent Predictive Scheduling and Orchestration Platform. This technology allows enterprises to:

• Reliably deliver HPC on demand whenever and wherever businesses need it
• Quickly and effectively deliver the multi-cloud enablement of applications
• Improve the cost effectiveness and efficiency, and the operational performance of compute-hungry applications that are running on premise, in the cloud or across both.

Convertible key terms

The key terms for this convertible are set out below and in the Convertible Key Terms document attached.

Conversion of the advanced subscription agreement will take place:

• On an equity fundraise of £2,000,000 or more, at a 50% discount to the lowest share price paid by investors in the equity fundraise. There is no valuation cap.

• If no qualifying equity fundraise has occurred, on the Longstop Date (which will be 6 months from the date of the agreement) at a share price of £2.87 (this was the share price of the company's last funding round and equates to a current company valuation of £13,950,711.20), or, if lower, the price of any share issued after the date of the advanced subscription agreement.

• If a change of control or IPO occurs prior to the above events, conversion will automatically trigger at a price per share which is the lowest price per share issued or sold as a part of an IPO or change of control, discounted by 50%.

• If a winding up event occurs prior to the above triggers, conversion will happen immediately prior to the winding up event at a share price of £2.87, or, if lower, the price of any share issued after the date of the advanced subscription agreement.

Preemption details

This campaign is to allow investors the ability to exercise their pre-emption rights on a £300k investment that YellowDog has raised so far offline by way of an advanced subscription agreement.

YellowDog also raised £500k at the start of the year by way of a convertible loan note from an institutional investor. Your pre-emption rights have been calculated on the total £800k of investment however the terms of the CLN vary from the ASA and has not been included in this round. The key terms for the CLN are as follows:

• Discount: 50%

• Valuation cap: the price per share based on a fully diluted pre-money valuation of £12,500,000.

• Longstop date: 24 months (Jan 2022)

• Qualifying financing round: £4,000,000

• Interest: 1% per month paid monthly in arrears

Conversion of the CLN will take place:

• On a qualifying financing round of £4,000,000 or more, at the lower of a) a 50% discount to the share price paid by investors in the round; and b) the price per share based on a fully diluted pre-money valuation of £12,500,000.

• On a non-qualifying financing round of less that £4,000,000 note holders have the right (but not the obligation) to convert at the lower of a) a 50% discount to the share price paid by investors in the round; and b) the price per share based on a fully diluted pre-money valuation of £12,500,000.

• If the CLN hasn't been converted before the longstop date, on or after the longstop date noteholders will have the right to convert at the share price set by the valuation cap.

• Under certain limited circumstances, including on a winding up event, the convertible loan notes will be immediately redeemed.

As this is a pre-emption campaign open only for existing shareholders, minimum details are being provided. More information on YellowDog can be found on the company's post investment page and by requesting access to the shareholder update. Please note, this information has not been verified or approved by Seedrs.

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If you successfully purchase a share lot of this business, you will be granted access.

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If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Convertible

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs