Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 114

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 114
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 of December 31, 2024, we had $9.1 million of enforceable and legally binding inventory purchase commitments all due within one year. For information on our contractual obligations for operating leases, see “Leases” in Note 7 of the Notes to our audited consolidated financial statements as of and for the years ended December 31, 2024 and December 31, 2023 included in this filing on Form 10-K.

On July 2, 2024, we entered into a new lease agreement for a warehouse located in Reno, NV (the “Reno Lease”). Under the Reno Lease, we are required to make escalating undiscounted annual base rent payments of up to $2.0 million, payable monthly. The Reno Lease commenced on August 6, 2024 and expires on November 30, 2031. 

In March 2024, we entered into an amendment to the lease agreement (the “Amendment”) for our headquarters located in San Francisco, California, to provide for, among other things, a reduction of the amount of space being leased and a reduction in the monthly lease payments owed to the lessor. At execution of the Amendment, we paid $4.8 million. The Amendment requires us to make escalating undiscounted annual base rent payments of up to $0.4 million, payable monthly. The lease term under the Amendment expires on May 31, 2027.

Loan Facilities

Structural Debt Facility

In December 2022, we entered into a Loan and Security Agreement (“Structural Debt Facility”) with third-party lenders to borrow gross proceeds of $72.0 million, which was used primarily to settle other outstanding obligations with a prior lender. In July 2024, we entered into an amendment to the Structural Debt Facility (the “Structural Amendment”) which required us to prepay $42.0 million of the outstanding principal amount and delayed the remaining principal repayment period until January 1, 2026, and modified covenants related to our cash balances. The Structural Amendment did not modify interest rate terms of the Structural Debt Facility. In November 2024, we prepaid the remaining outstanding balance on the Structural Debt Facility in full and terminated the Loan and Security Agreement.

Siena Revolver

On March 10, 2023, we entered into a Loan and Security Agreement (the “Siena Revolver”) with Siena Lending Group, LLC which permits us to receive funding through a revolving line of credit with an