Representation of Clermont Energy in its purchase of a $76M convertible note from Eviation Aircraft
FBC represented Clermont Energy Pte. Ltd. in its investment in Eviation Aircraft Ltd., an Israeli company publicly traded in the United States, through a note purchase agreement, pursuant to which Eviation issued to Clermont a convertible promissory note in consideration for a loan in the aggregate amount of US$76 million. The note will be convertible into such number of Eviation’s preferred shares representing 70% of the total number of its issued and outstanding shares on the date of conversion of the note.
Eviation is a company engaged in designing and developing an electric powered light passenger aircraft.
As security for Eviation’s repayment obligations under the note and performance of other obligations under the note purchase agreement, Clermont was granted pledges over shares of Eviation and its operating subsidiary and over certain assets of the operating subsidiary. In addition, the conversion of the note into shares is conditioned on Eviation suspending its reporting obligations and completing its conversion into a private company.
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