Provides Additional Liquidity to Make Critical Investments and Support Expansion
Wejo Group Limited, a global leader in cloud and software analytics for autonomous, electric and connected vehicle data, today announced it has entered into a Common Stock Purchase Agreement (the “Equity Financing Agreement”) and a Registration Rights Agreement with CF Principal Investments, LLC (“CFPI”), an affiliate of Cantor Fitzgerald, which provide for a committed equity financing facility under which the Company has the option, but not the o*********, to sell up to $100 million of its common stock to CFPI over a 36-month period, subject to certain t*******************. The Company intends to use the proceeds from any future sales of securities under the financing facility, if it is utilized, for general corporate purposes.
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“We are excited to partner with Cantor Fitzgerald and secure this financing facility,” stated Richard Barlow, Founder and Chief Executive Officer of Wejo. “This additional funding gives Wejo the financial flexibility to continue to make key investments that will support our business, which include expanding OEM relationships, deployment of new products and services, including Wejo Neural Edge, and continuing our geographic expansion. Equally as important, completion of this facility demonstrates confidence in the value that Wejo brings to the marketplace as a leader in supporting smart mobility.”
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The Company intends to give additional updates around its business performance when announcing its financial results for fourth quarter and full-year 2021.
Under the applicable rules of The Nasdaq Stock Market LLC, Wejo may not issue to CFPI under the Equity Financing Agreement more than 18,780,646 shares of its common stock, or 19.99% of its common stock outstanding immediately prior to the execution of the Equity Financing Agreement, subject to certain conditions or exceptions. Additional information regarding the terms of the financing is set forth in the Company’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission tomorrow.
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