Company: GROVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001841761-25-000048
Chunk: 136

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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” and collectively with Siena Amendment No. 1, Siena Amendment No. 2, and Siena Amendment No. 3 the “Siena Amendments”), which among other things, amended the Siena Revolver to include certain qualifying cash balances held with third-party payment processors in the borrowing base, subject to such balances meeting specified eligibility criteria.The interest rates applicable to borrowings under the Siena Revolver are based on a fluctuating rate of interest measured by reference to either, at the Company’s option, (i) a Base Rate plus 3.25% or (ii) the term Secured Overnight Financing Rate (“Term SOFR”) then in effect plus 4.25%. The Base Rate is defined as the greatest of: (1) Prime Rate as published in the Wall Street Journal, (2) federal funds rate plus 0.50% and (3) 5.00% per annum.The Company accounted for the Siena Amendments under debt modification accounting due to the terms being deemed substantially similar. The Company paid $0.5 million of issuance costs related to the Siena Amendments which are included within other long-term assets on the Company’s condensed consolidated balance sheets and are being amortized through the Siena Revolver’s scheduled maturity date.In accordance with the agreement, Siena has been provided with the Company’s periodic financial statements and updated projections to facilitate their ongoing assessment of the Company.

The Siena Revolver is collateralized by the Company’s accounts receivable, inventory balances and qualifying cash balances held with third-party payment processors. As of September 30, 2025, the Company has an outstanding principal balance of $7.5 million under the Siena Revolver with an interest rate of 8.53%. As of September 30, 2025, additional borrowing capacity from the Siena Revolver was $0.7 million. The Siena Revolver is the Company’s only debt facility as of September 30, 2025 and December 31, 2024. 

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Table of ContentsGrove Collaborative Holdings, Inc.Notes to Condensed Consolidated Financial Statements (continued)(Unaudited)

7.    Commitments and Contingencies

Merchandise Purchase CommitmentsAs of September 30, 2025 and December 31, 2024, the Company had obligations to purchase $10.8 million and $9.1 million, respectively, of merchandise. Letters of CreditThe Company had irrevocable standby letters of credit