Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 112

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 112
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 Officer and, in February 2024, Mr. Perros was appointed Chief Financial Officer.   Effective December 19, 2024, Company’s Board of Directors (the “Board”) (i) accepted the resignations of Mr. Mircea Ungureanu and Ms. Nicole Torraco from the Board and (ii) elected Ms. Alison Davis and Mr. Asheet Mehta to the Company’s Board, as independent directors, to fill the vacancies of Mr. Ungureanu and Ms. Torraco.

Election to File as a U.S. Domestic Issuer and Headquarters Change

On January 16, 2024, the Company announced several initiatives to enhance the marketability of its stock and provide investors with increased disclosure and transparency of its business and performance.  First, the Company relocated its corporate headquarters to New York City.  Second, the Company elected to voluntarily file on U.S. domestic issuer forms with the SEC.  Third, the Company announced its plan to effect a reverse share split, which became effective on March 8, 2024, as described below and throughout this Form 10-K.

Term Loan Facility and New Revolving Credit Facility

On February 2, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”), which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million. In November 2024, the Company amended the Credit Agreement to increase the Term Loan Facility by $100 million, bringing the total principal amount to $355 million. The Company also increased an aggregate principal amount of the Revolving Credit Facility of $15 million, bringing the total principal amount of the Revolving Credit Facility to $50 million. In February 2025, the Company further increased the aggregate principal amount of the Revolving Credit Facility by $8 million, resulting in a total principal amount of the Revolving Credit Facility of $58 million. For additional information, see “Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Reverse Share Split

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Table of Contents

On March 4, 2024, following approval