Ucommune International Ltd entered into an Amendment, Waiver and Exchange Agreement with an investor to exchange certain outstanding warrants for Series A Convertible Preferred Shares. The agreement includes a waiver of a mandatory cash redemption requirement for the new preferred shares in the event of a bankruptcy triggering event.
Key takeaways
The company entered into an Amendment, Waiver and Exchange Agreement with an investor.
The investor exchanged outstanding warrants for Series A Convertible Preferred Shares.
The exchange was executed under Section 3(a)(9) of the Securities Act of 1933.
The investor granted a waiver of Section 15(a) of the Certificate of Designations.
The waiver eliminates the company's obligation to redeem the new preferred shares in cash upon a bankruptcy triggering event.
The agreement amends and supersedes the previous Securities Purchase Agreement dated January 26, 2022.