Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 64

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 64
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 than 24%, and (ii) the loan under the 2020 Convertible Loan Agreements is subject
to a mandatory conversion into our most senior class of security, upon and subject to, the closing of an IPO or SPAC Transaction (as
defined in our amended and restated articles of association immediately in effect prior to our initial public offering). Upon the consummation
of our initial public offering in June 2024, we issued 3,769,855 ordinary shares upon the conversion of the principal and interest of
the 2023 Convertible Loan Agreement, based upon the initial public offering price of $17.00 per share.

In March 2024, we entered
into an amendment to the 2023 Convertible Loan Agreement pursuant to which the maximum loan amount was raised to $40,000,000 and the
Board was given authority under certain circumstances to determine that certain lenders qualify as Significant Lenders and/or Overallotment
Lenders (as such terms are defined in the 2023 Convertible Loan Agreement and the warrants issued thereunder).

Upon consummation of our
initial public offering, the remaining balance of the 2023 Convertible Loan Agreement (including the accrued interest) converted into
3,769,854 ordinary shares based upon the initial public offering price of $17.00.

OIC 2024 Note Purchase Agreement

In January 2024, we entered
into a note purchase agreement, or the 2024 Note Purchase Agreement, with Vision Lite, as the issuer, Gauzy Ltd., Gauzy USA, Inc. and
Gauzy GmbH, as the guarantors and OIC Growth Fund I, L. P., OIC Growth Fund I PV, L. P., OIC Growth Fund I AUS, L. P. and OIC Growth Fund
I GPFA, L. P., as purchasers, or the 2024 Note Purchasers, and OIC Investment Agent, LLC as administrative agent and collateral agent.

Under the 2024 Note Purchase
Agreement, the 2024 Note Purchasers extended financing to Vision Lite in the principal amount of $23.5 million, which was utilized and
drawn down in full by way of issuance and sale of senior secured notes, or the 2024 Notes, by Vision Lite to the 2024 Note Purchasers.
In connection with the closing of the 2024 Note Purchase Agreement, we repaid the amounts owed under the Facility Agreement, other than