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FS INVESTORS ANNOUNCES UPDATE OF EARLY WARNING REPORT REGARDING LEDDARTECH HOLDINGS INC.

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Aug. 20, 2024 /CNW/ – FS LT Holdings L.P. and FS LT Holdings II L.P. (collectively, “FS Investors”) announce that the early warning report filed by FS LT Holdings L.P. on January 3, 2024 with respect to its investment into LeddarTech Holdings Inc. (“LeddarTech”) is being updated to reflect FS Investors’ participation in a bridge financing offer (“Bridge Financing Offer”) dated August 16, 2024 by FS Investors and two other lenders, as initial bridge lenders, which provides, among other things and subject to certain conditions, that the bridge lenders agree to make available to LeddarTech secured bridge loans in the aggregate principal amount of US$9,000,000 for the purpose of providing LeddarTech with the cash necessary to complete one or more follow-on offerings after August 16, 2024 (collectively, the “Follow On Offering”). 

Pursuant to the Bridge Financing Offer, FS Investors granted LeddarTech a bridge to equity term loan (the “FS Bridge Loan”) in an aggregate amount of US$3,000,000, of which US$2,000,000 was advanced on August 19, 2024. The second advance of US$1,000,000 will be available on October 15, 2024 (or shortly thereafter) once LeddarTech satisfies the conditions precedent set forth in the Bridge Financing Offer.

The FS Bridge Loan is issued at an issue discount (the “FS Issue Discount”) such that an amount representing 1/3 of any outstanding principal amount under the FS Bridge Loan is payable concurrently with any outstanding principal amounts due under the FS Bridge Loan. Accordingly, if the entire amount of the FS Bridge Loan is disbursed, then the total amount due and payable by LeddarTech to FS Investors shall be US$4,000,000. The FS Bridge Loan matures on November 15, 2024, and will be due and payable earlier upon the occurrence of certain other events, such as a change in control.

The Bridge Financing Offer provides that following the closing of a Follow On Offering for aggregate gross proceeds of US$35,000,000 or more, FS Investors shall be required to convert the FS Bridge Loan into the securities it would have received had FS Investors invested 1.125 times the amount of all outstanding principal amounts under the FS Bridge Loan and all other amounts owed to FS Investors under the Bridge Financing Offer (including the FS Issue Discount).  At this time, it is not possible to calculate the number of Common Shares that could be issuable to FS Investors pursuant to such a forced conversion of the FS Bridge Loan.

In addition, and notwithstanding the terms of the existing secured convertible notes in the aggregate principal amount of US$9,200,000 that were issued to FS Investors in 2023 (the “Convertible Notes”), FS Investors converted US$1,500,000 of its holding of the Convertible Notes into Common Shares at a conversion price of US$2.00, representing 750,000 Common Shares, the whole in accordance with the Bridge Financing Offer. The remaining principal amount of Convertible Notes held by FS Investors, namely US$7,700,000, continue to be convertible at the original conversion price of US$10.00 per share.

Finally, before conversion or repayment in full of the FS Bridge Loan in accordance with the Bridge Financing Offer, FS Investors may elect, in its sole discretion, to convert the FS Bridge Loan in full into such number of Common Shares equal to the quotient of (i) the outstanding principal amount under the FS Bridge Loan and all other amounts owed to it under the Bridge Financing Offer (including the FS Issue Discount), divided by (ii) US$5.00, representing the right for FS Investors to acquire an additional 800,000 Common Shares during such period (assuming the disbursement of the entire amount of the FS Bridge Loan (US$3,000,000) plus the FS Issue Discount (US$1,000,000)).

Immediately prior to the entering into of the Bridge Financing Offer, FS Investors held (i) 5,212,325 Common Shares, (ii) 1,303,330 Common Shares issuable upon conversion of certain non-voting special shares of LeddarTech, and (iii) Convertible Notes in the aggregate principal amount of US$9,200,000 (convertible into 920,000 Common Shares), which represent 17.7% of the 29,453,672 Common Shares issued and outstanding as at August 16, 2024, and 17.23% of the 35,585,997 Common Shares issued and outstanding on a partially diluted basis taking into account only those securities held by FS Investors that are capable of being converted into Common Shares within the next 60 days.

As a result of the Bridge Financing Offer, and assuming the disbursement of the entire amount of the FS Bridge Loan (US$2,000,000 advanced on August 19, 2024 and US$1,000,000 to be advanced in accordance with the terms and conditions of the Bridge Financing Offer) plus the FS Issue Discount (US$1,000,000), FS Investors will hold (i) 5,212,325 Common Shares, (ii) 1,303,330 Common Shares issuable upon conversion of certain non-voting special shares of LeddarTech, (iii) Convertible Notes in the aggregate principal amount of US$7,700,000 convertible into 770,000 Common Shares, and (v) the FS Bridge Loan in the principal amount of US$4,000,000 (convertible into 800,000 Common Shares), which represent 17.7% of the 29,453,672 Common Shares issued and outstanding as at August 16, 2024, and 18.72% of the 36,235,997 Common Shares issued and outstanding on a partially diluted basis taking into account only those securities held by FS Investors that are capable of being converted into Common Shares.

FS Investors will file an early warning report relating to the foregoing on SEDAR+ at www.sedarplus.ca under LeddarTech’s profile.

SOURCE FS Investors

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National Center for Charter School Accountability Launches with Analysis of State Charter School Laws

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60 mins ago

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September 23, 2024

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The National Center for Charter School Accountability provides research and recommendations on increasing transparency and accountability for charter schools.

NEW YORK, Sept. 23, 2024 /PRNewswire/ — The Network for Public Education (NPE) announces a new project, the National Center for Charter School Accountability (NCCSA), to provide research and recommendations on increasing transparency and accountability for charter schools. NPE is the leading organization that advocates revising state charter laws to make charter schools better align with the original vision of charter schools as teacher and parent-led schools of innovation that complement, not compete with, the public school system.

“The charter sector, now saturated with impersonal national chains and for-profit management corporations, has strayed far from the original mission of charter schools. A few states follow that vision; most do not. We regularly receive calls from charter school parents, teachers, and public school advocates raising concerns. The Center will educate the public with facts and provide information on how best to address concerns,” said Carol Burris, the Executive Director of NPE.

The Center includes a searchable database of news stories highlighting problems regarding charter schools. It also provides a portal where parents and taxpayers can submit questions and complaints. It also provides access to nine NPE research reports on charter schools, including reports on charter closures and for-profit-run charter schools.

In addition to research and reports, NCCSA evaluates state laws based on accountability, responsible growth, community input, and protections for students and taxpayers. An interactive map shows the number of open and closed charter schools in each state.

“The Center will grow over time, providing information unavailable on charter trade group sites. One million students have been displaced due to charter closures. In the age of choice, parents and taxpayers deserve the facts,” Burris added.

Commenting on the new project, NPE President Diane Ravitch noted, “NCCSA is a valuable resource for parents, taxpayers, policymakers, and the press who want to be informed about the status of charter schools. Accountability matters, and the Center will provide it via accurate and timely information.”

Access to NCCSA can be found here.

The Network for Public Education is a national advocacy organization with over 350,000 members and 200 grassroots groups. Its mission is to preserve, promote, improve, and strengthen public schools for current and future generations of students.

Contact: Carol Burris
cburris@networkforpubliceducation.org
(646) 678-4477

View original content:https://www.prnewswire.com/news-releases/national-center-for-charter-school-accountability-launches-with-analysis-of-state-charter-school-laws-302256096.html

SOURCE Network for Public Education

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Vermont State Dental Society, University of Detroit Mercy, Sanders, and Welch Announce Historic Effort to Advance Dental Care and Education Across State

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September 23, 2024

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BURLINGTON, Vt., Sept. 23, 2024 /PRNewswire/ — The Vermont State Dental Society (VSDS), University of Detroit Mercy (UDM), Senator Bernie Sanders, and Senator Peter Welch are partnering to bring an innovative Dental Oral Health Education Center to Vermont in Fall 2027. This new dental clinic and education program would bring UDM students to Vermont to complete their final years of training – strengthening the dental care provider pipeline and expanding access to much-needed care across the state.

At a recent press conference, VSDS, UDM, Sanders, and Welch celebrated the program receiving its accreditation from the Commission of Dental Accreditation (CODA) – an essential step in establishing the teaching program in Vermont.

Sanders and Welch are working to secure $4.6 million in federal funding through the FY25 Congressionally Directed Spending process to support this historic initiative. The funding was recently approved by the Appropriations Committee and needs to be passed by the House and the Senate before being signed into law by President Biden.

The tentative location for the new center will be in Chittenden County.

VSDS, a nonprofit professional healthcare organization whose mission is to improve the oral health of Vermonters and to serve the profession of dentistry in the state, is pioneering the new institution with UDM as it brings more than 90 years of experience in educating dentists worldwide.

Beginning in the fall of 2025, this partnership will include two years of foundational and preclinical education at the UDM School of Dentistry Campus in Detroit, followed by two years of clinical and didactic education at a new dental clinic based in Colchester. The Detroit Mercy-Vermont dental program will offer DDS dental education in the state of Vermont, accredited by the Commission of Dental Accreditation (CODA).

University of Detroit Mercy-Vermont will house modern classrooms with on-site clinics to support its clinical education program and serve as a public health Medicaid clinic to provide dental care to qualifying individuals. Extending its reach beyond its Colchester facility, the new dental program will partner with clinical organizations in Vermont to reach areas with a shortage of dental health professionals and underserved populations.

As Vermont’s professional association for dentists, the VSDS works diligently to enhance the oral healthcare environment in the state. With just under 400 members, VSDS includes more than 80% of the state’s practicing dentists. VSDS provides resources, educational information, and support for its members and the public and advocates for public policies and systems to improve oral healthcare for all Vermonters.

University of Detroit Mercy is Michigan’s largest and most comprehensive independent Catholic university, sponsored by the Sisters of Mercy of the Americas and the Society of Jesus (the Jesuits). For more information, please visit www.udmercy.edu.

View original content:https://www.prnewswire.com/news-releases/vermont-state-dental-society-university-of-detroit-mercy-sanders-and-welch-announce-historic-effort-to-advance-dental-care-and-education-across-state-302256126.html

SOURCE University of Detroit Mercy

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eBay Announces Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary

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60 mins ago

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September 23, 2024

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SAN JOSE, Calif., Sept. 23, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced the appointment of Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary. In this role, Samantha will oversee all global aspects of eBay’s legal department, including Government Relations, intellectual property, employment, litigation, regulatory and corporate work across our financial services, marketplaces, and product and technology organizations. Samantha will report directly to Jamie Iannone, eBay’s Chief Executive Officer, and will join the company on October 7, 2024.

Samantha joins eBay with a distinguished career in legal and business affairs, most recently serving as TriNet’s Executive Vice President of Business Affairs, Chief Legal Officer, and Secretary. In this role, Samantha led a team of professionals across Legal, Compliance, Government Affairs, Customer Service, Sales, Operations, Product Management, Engineering, Technology, and Risk. Her leadership focused on spearheading initiatives that address the evolving workplace dynamics for TriNet’s customers, facilitating capital access for small business owners, and enhancing customer service experiences to support business growth. Prior to TriNet, she spent 12 years at Oracle, where she held a number of senior legal positions.

“Samantha has successfully led multifaceted teams and navigated complex legal and regulatory environments throughout her career,” said Jamie Iannone, Chief Executive Officer, eBay. “Samantha’s expertise will be invaluable as we continue to innovate and grow our global marketplace while ensuring we meet our legal and ethical responsibilities. Her passion for empowering small businesses aligns perfectly with eBay’s purpose, and I’m excited to welcome her to the team.”

“My parents started their business by selling skateboard parts at the open market in Sydney, so I have a deep appreciation for eBay’s role in empowering businesses of all sizes,” said Samantha Wellington. “As a longtime eBay user and collector, I am passionate about helping others unlock similar opportunities and connecting people with what they love.”

Samantha holds Bachelor’s Degrees in Creative Arts and Laws from Wollongong University, as well as a Master of Laws in Communication and Technology Law from the University of New South Wales. She has served as a board member for the National Association of Professional Employer Organizations and BSA, The Software Alliance.

Samantha replaces Marie Oh Huber, who left eBay in June after nine years as General Counsel. 

About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ebay-announces-samantha-wellington-as-senior-vice-president-chief-legal-officer-general-counsel-and-secretary-302256084.html

SOURCE eBay Inc.

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