Company: MYND
Filing Date: 2025-03-26
Form Type: 20-F
Source: 0001628280-25-014832
Chunk: 135

Company: Mynd.ai, Inc.
Filing Date: 2025-03-26
Form: 20-F
Item: Item 18
Chunk 135
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                                                                                                                   2024                          2023              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Initial measurement which represents the gross proceeds received less fair value of the embedded derivative      $                 50,260      $         50,260  
  PIK notes issued                                                                                                                    3,309      —                 
  Accrued PIK interest                                                                                             159                           169               
  Accretion of discount on issuance                                                                                                   1,511      156               
                                                                                                                   $                 55,239      $         50,585  

(b) Represents the embedded derivative included within the Convertible Note that is bifurcated and stated at fair value as at December 31, 2024 and2023.

The following table summarizes the debt maturities for the Convertible Note, the Revolver and the Paycheck Protection Program Loan:

          2025          82  
          2026              
          2027              
  2028 (1) (2)      79,468  
                    79,550  

(1) The Company classifies the Revolver as a current liability on its consolidated balance sheets due to its intent and practice of using the Revolver for short-term financing needs. However, in the table above, the Revolver has been reflected at its maturity date in 2028.

(2) Debt maturing in 2028 also includes the Convertible Note with a maturity value of $ 65,000 3,309 of additional PIK notes issued in 2024, and accrued PIK interest at December 31, 2024 of $ 159

Convertible Note

Concurrent with the closing of the GEH Acquisition described in detail in Note 3 - Acquisitions and Disposition, the Company issued a senior secured convertible note, in the principal amount of $ 65,000 5.00 5.00(the “ Convertible Note” or "Notes" while referring to the Convertible Note plus the Notes issued in connection with the PIK interest). Both the cash interest and PIK interest are payable semiannually on June 15 and December 13 of each year. The Company prepaid the cash interest due in 2024 at the time of issuance of the Convertible Note in 2023, so the first semiannual payment of cash interest will be on June 15, 2025. PIK interest is payable by issuing additional notes in