Company: INV
Filing Date: 2025-04-23
Form Type: 424B3
Source: 0001628280-25-019356
Chunk: 200

Company: Innventure, Inc.
Filing Date: 2025-04-23
Form: 424B3
Chunk 200
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 |            |   — | % |     |                   |  2 | % |

Significant increases or decreases to any of these inputs would result in a significantly higher or lower liability.

#### Investment in debt securities - AFS
The investment in debt securities is stated at fair value as described in

#### Note 3. Investments
. The terms of the securities are such that they are highly likely to convert into Class D Units of AeroFlexx. The fair value of the debt securities is estimated on an as-converted basis using a Black-Scholes model incorporating breakpoints upon which each tranche of AeroFlexx equity participates in distributions.

|                                    |     |     | October 2, 2024 |         |     |     | December 31, 2024 |         |
|:-----------------------------------|:----|:----|----------------:|:--------|:----|:----|------------------:|:--------|
| Volatility                         |     |     |          120.00 | %       |     |     |            120.00 | %       |
| Time to liquidity                  |     |     |                 | 2 years |     |     |                   | 2 years |
| Discount for lack of marketability |     |     |           18.00 | %       |     |     |             31.00 | %       |
| Weighted average cost of capital   |     |     |           45.00 | %       |     |     |             45.00 | %       |
| Risk-free rate                     |     |     |            3.51 | %       |     |     |              4.23 | %       |

#### Earnout Shares
Upon Closing of the Business Combination, Earnout Shares were issued to previous Innventure Members and contingently issued to Sponsors (as defined and further described in Note 10. Earnout Shares). The fair value of the Earnout Shares was determined using a Monte Carlo valuation model that utilizes significant assumptions, including expected volatility, expected term, and risk-free rate, to determine the probability of achieving common share price and revenue milestones. The shares may vest upon either the achievement of the common share price milestone or revenue or event-based milestone specific to each of three tranches. Specifically, the future stock price of the Company and revenues of Accelsius and AeroFlexx are simulated assuming a Geometric Brownian Motion (GBM) in a risk-neutral framework. The Earnout Share payoff is calculated based