Nvidia gets warrant to buy up to 15M Corning shares

In a regulatory filing, Corning (GLW) disclosed that in connection with the long-term partnership with Nvidia (NVDA), Corning Incorporated entered into a securities purchase agreement with Nvidia pursuant to which the company issued and sold to Nvidia a warrant to purchase up to 15M shares of common stock of the company, at an exercise price of $180.00 per share, and a pre-funded warrant to purchase up to 3M shares of common stock at an exercise price of $0.0001 per share, for an aggregate purchase price of $500M. “The Warrants are exercisable at any time on or after the issuance date. The Traditional Warrant will expire on the earliest to occur of (a) the third anniversary of the issuance date, (b) the termination of the definitive agreement governing the long-term partnership, subject to certain exceptions, and (c) the consummation of a fundamental transaction by the Company. The Pre-Funded Warrant will expire on the earlier to occur of (x) the third anniversary of the issuance date and (y) the consummation of a fundamental transaction by the Company. The exercise price and the number of shares of Common Stock issuable upon exercise of the Warrants will be subject to customary structural anti-dilution adjustments. Pursuant to the Pre-Funded Warrant, NVIDIA will be entitled to participate on an as-exercised basis in distributions to holders of the Common Stock,” the filing stated.

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