Arena Investors, Australian Oilseeds Holdings Limited and EDOC Acquisition Corp. Announce an Investment of up to $7 Million and Plans for a $50 Million ELOC
News Debbie A. Klis · August 24, 2023
Arena Investors, LP, a $3.5 billion institutional asset manager, announced today that it has entered into agreement to make a convertible debenture and warrant PIPE investment (the “PIPE”) of up to $7 million in connection with the previously announced business combination with Rimon client Australian Oilseeds Holdings Limited. Among the closing conditions set forth in the Securities Purchase Agreement is the execution of a $50 million equity line of credit (the “ELOC”) between an affiliate of Arena and Australian Oilseeds Holdings Limited at the closing of the Business Combination.
The PIPE is contemplated to be funded in three tranches for consideration of secured convertible debentures and warrants. The first closing of the PIPE for gross proceeds of $2,000,000 is conditioned upon completion of the Business Combination, which is subject to approval of EDOC’s shareholders, and other closing conditions set forth in the definitive Securities Purchase Agreement executed by the parties on August 23, 2023. Additional tranches are subject to certain stock performance metrics of the combined company after the Business Combination.
Rimon attorney Debbie Klis served as United States legal counsel to Australian Oilseeds Holdings Limited.
We congratulate our client Australian Oilseeds!
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