India, June 17 -- PureCycle Technologies, Inc. (PCT) Tuesday announced binding agreements to raise $300 million in capital to support its global growth strategy, targeting one billion pounds of installed polypropylene or PP recycling capacity and $600 million in projected annual EBITDA by 2030.
The capital raise, structured as a Series B convertible perpetual preferred stock offering, includes participation from a group of new and existing investors, including Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors, and Sylebra Capital Management.
The Convertible Shares carry a 7% annual dividend and have a conversion price set at a 30% premium to the 10-day VWAP of PureCycle's common stock, ...