Company: INV
Filing Date: 2025-10-23
Form Type: S-1
Source: 0001140361-25-039085
Chunk: 18

Company: Innventure, Inc.
Filing Date: 2025-10-23
Form: S-1
Chunk 18
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5% per annum on the principal amount and were repayable on demand by the lenders on or after the two-year anniversary of the issuance date. The unsecured convertible promissory notes were subordinated in right of payment to the prior payment in full in cash or conversion, as applicable, of the WTI Facility, the Convertible Debentures, the Term Convertible Notes, the Related Party Convertible Notes and the indebtedness of Accelsius owed to Innventure LLC. The unsecured convertible promissory notes were automatically convertible after the first future preferred equity issuance by Accelsius raising at least $5,000,000 in gross cash proceeds from unaffiliated investors (the “Next Funding Round”), into the units of the same series sold in the Next Funding Round at 80% of the purchase price for such units. The unsecured convertible promissory notes, including certain interests amounts, automatically converted into Series B-2 Units of Accelsius in connection with the investment by JCI (as defined below). Such Series B-2 Units are identical to the Series B-1 Units described below, except with respect to issue price and conversion price, each of which is 80% of the JCI Issue Price (as defined below) and, initially though subject to possible later adjustment, the JCI Conversion Price (as defined below), respectively. Concurrently with the conversion, the Company issued warrants to the lenders exercisable for Accelsius’ Series B-2 Units. These warrants are exercisable for 0.5 Series B-2 Units for every 1 Series B-2 Unit that was issued as part of the conversion. The exercise price for the warrants was set at 120% of the price the units in the Next Funding Round are sold. 5 TABLE OF CONTENTS JCI Investment in Accelsius On October 2, 2025 (the “JCI Closing” or “JCI Closing Date”), Accelsius issued and sold to Johnson Controls, Inc., a Wisconsin corporation (“JCI”), 685,163 units of Accelsius’s Series B-1 Units (the “Series B-1 Units”). The gross proceeds to the Company from the JCI Closing were approximately $25,000,000 before deducting financial advisor fees and other estimated offering expenses. Accelsius will use the proceeds from the sale of the Series B-1 Units for general company purposes. Upon consummation of the JCI Closing, certain outstanding convertible notes and other indebtedness of Accelsius that is automatically convertible into equity securities of