Company: AMTX
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015301
Chunk: 71

Company: AEMETIS, INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1F
Chunk 71
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 2018, Aemetis Biogas LLC ("ABGL") entered into a Series A Preferred Unit Purchase Agreement for the sale of Series A Preferred Units to Protair-
   X Americas, Inc., with Third Eye Capital acting as an agent. ABGL is authorized to issue
   11,000,000 common units and
   6,000,000 convertible, redeemable, secured, preferred membership units (the “Series A Preferred Units”). ABGL issued
   6,000,000 common units to Aemetis, Inc. at a stated value of
   $5.00 per common unit, and
   5,000,000 common units of ABGL are held in reserve as potential conversion units issuable to the Preferred Unit holder upon certain triggering events. From inception of the agreement through
   2022, ABGL issued
   6,000,000 Series A Preferred Units in exchange for
   $30.0 million in funding, reduced by a redemption of 
   20,000 Series A Preferred Units for
   $0.3 million. The original Preferred Unit Purchase Agreement included requirements for preference payments and mandatory redemption, grant of a security interest to the Preferred Unit holder in all assets of ABGL and its subsidiaries in connection with the preference payments due under the agreement, and several operating covenants.

    The Preferred Unit Purchase Agreement has been amended multiple times. Most recently, in
    May 2025, ABGL entered into an agreement entitled Ninth Waiver and Amendment to Series A Preferred Unit Purchase Agreement ("PUPA Ninth Amendment") with an effective date of
    April 30, 2025, that provides, among other provisions, the requirement for ABGL to redeem all of the outstanding Series A Preferred Units by
    August 31, 2025, for an aggregate redemption price of
   $116.8 million which includes a
   $2 million incremental fee for the PUPA Ninth Amendment. The PUPA Ninth Amendment further provides that if ABGL does
   not redeem the Series A Preferred Units by the redemption date, ABGL will enter into a credit agreement with Protair-
   X and Third Eye Capital effective as of
    September 1, 2025, and maturing
    August 31, 2026, in substantially the form attached to the PUPA Ninth Amendment and specifies that entry of the credit agreement will satisfy the obligation to redeem the Preferred Units