Technology

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

Published

1 month ago

August 20, 2024

/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

Technology

Mullen & Mullen Law Firm Launches the Mullen & Mullen Music Project

Published

54 mins ago

September 23, 2024

Supporting Local Independent Music Venues and Artists

DALLAS, Sept. 23, 2024 /PRNewswire/ — Dallas based Mullen & Mullen Law Firm proudly announces the launch of the Mullen & Mullen Music Project, a dynamic initiative created in partnership with Spune Productions. The collaboration is designed to celebrate and rejuvenate the North Texas music scene by offering a platform for both emerging and established artists. The initiative kicked off with a Concert Series at local independent music venues.

Supporting Local Talent and Venues
Running from August to April, the Mullen & Mullen Music Project will feature 12 concerts at some of North Texas’s most cherished venues. The series kicked off on August 6th with a performance by Ben Nichols of Lucero at Club Dada. The Quaker City Night Hawks made their triumphant return at Tulips FTW on August 30th after a touring hiatus. The Quaker City Night Hawks concert was filmed on professional grade video cameras installed at the venue by the Music Project and live-edited by the firm’s videographer Sean Pollaro – himself a musician. The new cameras at Tulips FTW will serve as a wonderful content creation tool for local artists.

Enhancing the Music Experience
The Music Project has allowed participating venues to expedite substantial upgrades already underway. Ferris Wheelers Live has enhanced its suites and stage while embarking on an ambitious Ferris Wheel lighting project. Club Dada has upgraded its outdoor patio stage, and Tulips FTW installed the beforementioned state-of-the-art video and streaming system, enabling artists to record music and stream live performances. Each venue will also feature new murals designed and created by local artists.

A Community-Centered Initiative
Shane Mullen, Managing Attorney at Mullen & Mullen Law Firm, shared the firm’s vision: “The trust and loyalty of the North Texas community have been the foundation of our success. This project is our way of giving back by enriching the local cultural landscape and supporting the artists and venues that make our region unique.”

Corey Pond, General Manager of Spune Productions, added: “This initiative addresses the challenges faced by the indie music scene, providing more opportunities for local artists and supporting our cherished venues. It underscores the power of community, collaboration, and the enduring spirit of local music.”

Join Us in Celebrating Local Music
Over the coming months, experience the vibrant revival of North Texas’s music scene with us. Together, let’s strengthen our community while supporting local artists and independent venues. This is our backyard – let’s make it rock!

For more information, visit: https://www.mullenandmullen.com/music/

About Mullen & Mullen Law Firm:
Mullen & Mullen Law Firm has been privileged to represent injured North Texans for over 41 years. The firm is consistently recognized by TopVerdict for obtaining some of the largest personal injury settlements in the entire state of Texas. In the last 4 years, Mullen & Mullen made the “Top 50” list 44 times and the “Top 100” list 70 times. The firm offers the services of two investigators and an award-winning videographer. Website: https://www.mullenandmullen.com

About Spune Productions:
Spune Productions is an independent leader in curating and delivering distinctive music events across Texas. Committed to enhancing communities, Spune specializes in creating impactful experiences that resonate with audiences and reflect clients’ brands. From intimate gatherings to large-scale spectacles, Spune Productions tailors each event to amplify stories through the transformative power of music. Website: https://spune.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/mullen–mullen-law-firm-launches-the-mullen–mullen-music-project-302256220.html

SOURCE Mullen & Mullen Law Firm

Technology

Corteva to Participate in BMO Ag-Apalooza

Published

54 mins ago

September 23, 2024

INDIANAPOLIS, Sept. 23, 2024 /PRNewswire/ — Corteva, Inc. (NYSE: CTVA) announces that Chief Executive Officer, Chuck Magro, will speak at the 2024 BMO Ag-Apalooza event at 12:00 p.m. Eastern Time on Tuesday, September 24, 2024.

Remarks will be webcast live. The webcast can be accessed through the Corteva Investor Relations website. A replay of the presentation will be available 24 hours after the presentation ends and will be accessible until October 24, 2024.

About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the Company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/corteva-to-participate-in-bmo-ag-apalooza-302255653.html

SOURCE Corteva, Inc.

Technology

SEEDING JUSTICE MAKES COMMITMENT TO ENVIRONMENTAL JUSTICE AND ECONOMIC DEVELOPMENT FOR OREGON AND PACIFIC NORTHWEST COMMUNITIES IMPACTED BY MULTIPLE CLIMATE BURDENS ON A GLOBAL STAGE AT THE CLINTON GLOBAL INITIATIVE TODAY

Published

54 mins ago

September 23, 2024

PORTLAND, Ore., Sept. 23, 2024 /PRNewswire/ — Seeding Justice’s Executive Director, Se-ah-dom Edmo, joins global leaders in expanding the nonprofit organization’s commitment to an inclusive green economy focusing on clean energy initiatives created by and for impacted communities.

Click here to watch Seeding Justice’s commitment video and learn more.

What:

Clinton Global Initiative

Who:

Se-ah-dom Edmo, Executive Director, Seeding Justice

When:

September 23, 2024

Where:

New York City, New York

Seeding Justice is a nonprofit organization founded in 1976 and is the region’s largest funder of grassroots organizing and community-led grantmaking.

We focus our work on frontline communities and use community guidance and leadership to help fund the most critical causes, including a new fund to support a community-centered, clean energy future.

Since 2020, our Community Fund program has granted nearly $34 million to communities across the state through Funds like the Reproductive Health Equity Fund and the Child Care Capacity Building Fund. Seeding Justice is also the founding funder of Oregon Worker Relief, the largest program of its kind in the state, and has supported the dispersal of more than $180 million through the Fund, which helps immigrant Oregonians make ends meet.

View original content to download multimedia:https://www.prnewswire.com/news-releases/seeding-justice-makes-commitment-to-environmental-justice-and-economic-development-for-oregon-and-pacific-northwest-communities-impacted-by-multiple-climate-burdens-on-a-global-stage-at-the-clinton-global-initiative-today-302256239.html

SOURCE Seeding Justice