Company: INV
Filing Date: 2025-04-23
Form Type: 424B3
Source: 0001628280-25-019358
Chunk: 184

Company: Innventure, Inc.
Filing Date: 2025-04-23
Form: 424B3
Chunk 184
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 interest at 9% - 12% per annum. The notes contain two term extension options, at the Company’s election, which can extend the notes’ maturity period to 60 months in total. If the Company elects its first term extension option, the note will bear interest at 12% for months 36 through 48 . If the Company elects its second term extension option, the notes will bear interest at 15% for months 48 through 60 . In the event of a change of control or a portfolio company sale, the notes are required to be repaid. In the event of a default, noteholders may elect to convert notes into common units of the Company equal to two times the unpaid principal balance plus accrued but unpaid interest at the time of conversion at a pre-money valuation agreed to by a majority of the converting noteholders. If the Company is in default due to lack of payment and the noteholders do not elect repayment, notes will accrue interest at the default rate. During the first 36 months, the default interest rate is 12% and increases to 18% thereafter. Noteholders converted their Series 1 promissory notes into Class B Preferred Units as follows:

|                                                                                             | Successor                              |     |                           Predecessor |     |                            |
|                                                                                             | October 2, 2024throughDecember 31,2024 |     | January 1, 2024through October1, 2024 |     | Year endedDecember 31,2023 |
| Principal amount........................................................................... | $—                                     |     |                                  $396 |     |                     $1,310 |
| Number of shares..........................................................................  | —                                      |     |                                40,829 |     |                    135,133 |

The conversion rate was based on the Class B Preferred Unit issuance price of $9.6992 per unit. The noteholders elected to receive the last interest payment due and waive the prepayment fee, if applicable, in connection with the transaction. The Company accounted for the conversion of promissory notes as an extinguishment of debt, the impact of which is immaterial to the Company’s financial statements. Upon Closing of the Business Combination, the option for noteholders to convert their Series 1 promissory notes into Class B Preferred Units is no longer available. Extensions on Series 1 promissory notes were as follow:

|                                                                         |               |     |        Successor |     |      Predecess