PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”)
the owner and operator of, among other verticals, “CARiD.com,” a
leading digital commerce platform for the automotive aftermarket,
today announced two new funding agreements that deliver $7.0
million in immediate proceeds to the Company.
The first is a $3.75 million investment by Lind Global Partners
II, LP, an investment fund managed by The Lind Partners, a New York
based institutional fund manager (together “Lind”). Two Company
insiders, including CEO, Lev Peker and one external investor
(together “Investors”) co-invested an additional $3.25 million
alongside Lind. The Company intends to use the capital to repay and
retire outstanding debt owed to JGB Capital as well as for general
working capital needs.
Titan Partners Group, a division of American Capital Partners,
LLC, is acting as sole placement agent for the offering.
“This new financing will provide additional flexibility as we
continue our focus on enhancing profitability and growing our share
of the automotive parts industry,” said Lev Peker. "We are pleased
to have The Lind Partners as an investor and appreciate their
support of our technology-driven business model.”
Lind Founder, Jeff Easton said, “The large and fragmented
automotive aftermarket industry is ripe for increased online
penetration, and PARTS iD has made great headway with their
proprietary technology. We are excited to be a part of the PARTS iD
turnaround story and to support their growth and profitability
objectives.”
The new capital obtained from Lind is in the form of a
senior-secured promissory note with a 12-month maturity, 0% annual
interest rate and is convertible into shares of the Company’s Class
A common stock (the “Common Stock”) at the option of Lind. Lind
will also receive warrants to purchase 12,837,838 shares of Common
Stock exercisable at $0.50 per share. The Company also has the
ability to obtain up to a total of $10.0 million of incremental
senior-secured debt pursuant to the funding agreement, and expects
to draw an additional $1.0 million within 30 days of the closing.
The transaction is subject to the satisfaction of customary closing
conditions.
The new investment by the Investors is in the form of junior
secured promissory notes in the aggregate principal amount of $3.25
million, which are convertible into shares of the Company’s Common
Stock pursuant to the terms described therein.
The Company has filed a Current Report on Form 8-K with the
Securities and Exchange Commission (the “SEC”) that includes
additional details about the funding agreements.
About The Lind Partners.
The Lind Partners manages institutional funds that are leaders
in providing growth capital to small- and mid-cap companies
publicly traded in the US, Canada, Australia and the UK. Lind’s
funds make direct investments ranging from US$1 to US$30 million,
invest in syndicated equity offerings and selectively buy on
market. Having completed more than 150 direct investments totaling
over US$1.5 Billion in transaction value, Lind’s funds have been
flexible and supportive capital partners to investee companies
since 2011.
About PARTS iD, Inc.
PARTS iD is a technology-driven, digital commerce company
focused on creating custom infrastructure and unique user
experiences within niche markets. Founded in 2008 with a vision of
creating a one-stop eCommerce destination for the automotive parts
and accessories market, we believe that PARTS iD has since become a
market leader and proven brand-builder, fueled by its commitment to
delivering a revolutionary shopping experience; comprehensive,
accurate and varied product offerings; and continued digital
commerce innovation.
Cautionary Note Regarding Forward-Looking Statements
All statements made in this press release relating to future
financial or business performance, conditions, plans, prospects,
trends, or strategies and other such matters, including without
limitation, expected future performance, consumer adoption,
anticipated success of our business model or the potential for long
term profitable growth, are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. In addition, when or if used in this press release, the words
“may,” “could,” “should,” “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict,” “potential,” “confident,”
“look forward,” “optimistic” and similar expressions and their
variants, as they relate to us may identify forward-looking
statements. We operate in a changing environment where new risks
emerge from time to time and it is not possible for us to predict
all risks that may affect us, particularly those associated with
the COVID-19 pandemic and the conflict in Ukraine, which have had
wide-ranging and continually evolving effects. We caution that
these forward-looking statements are subject to numerous
assumptions, risks, and uncertainties, which change over time,
often quickly and in unanticipated ways.
Important factors that may cause actual results to differ
materially from the results discussed in the forward-looking
statements include risks and uncertainties, including without
limitation: the ongoing conflict between Ukraine and Russia has
affected and may continue to affect our business; competition and
our ability to counter competition, including changes to the
algorithms of Google and other search engines and related impacts
on our revenue and advertisement expenses; the impact of health
epidemics, including the COVID-19 pandemic, on our business and the
actions we may take in response thereto; disruptions in the supply
chain and associated impacts on demand, product availability, order
cancellations and cost of goods sold including inflation;
difficulties in managing our international business operations,
particularly in the Ukraine, including with respect to enforcing
the terms of our agreements with our contractors and managing
increasing costs of operations; changes in our strategy, future
operations, financial position, estimated revenues and losses,
product pricing, projected costs, prospects and plans; the outcome
of actual or potential litigation, complaints, product liability
claims, or regulatory proceedings, and the potential adverse
publicity related thereto; the implementation, market acceptance
and success of our business model, expansion plans, opportunities
and initiatives, including the market acceptance of our planned
products and services; developments and projections relating to our
competitors and industry; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; our ability to maintain and
enforce intellectual property rights and ability to maintain
technology leadership; our future capital requirements; our ability
to raise capital and utilize sources of cash; our ability to obtain
funding for our operations; changes in applicable laws or
regulations; the effects of current and future U.S. and foreign
trade policy and tariff actions; disruptions in the marketplace for
online purchases of aftermarket auto parts; costs related to
operating as a public company; and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors.
Further information on the factors and risks that could cause
actual results to differ from any forward-looking statements are
contained in our filings with the SEC, which are available at
https://www.sec.gov (or at https://www.partsidinc.com). The
forward-looking statements represent our estimates as of the date
hereof only, and we specifically disclaim any duty or obligation to
update forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230717365545/en/
Investors: Brendon Frey ICR ir@partsidinc.com
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