Credit Suisse Downgrades KiOR, Inc. (KIOR) to Neutral; Funding Arrangement Aside, N-T Challenges Remain

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KiOR, Inc. (KIOR) Gains After Financing up to $25M

April 1, 2014 8:30 AM EDT

On March 31, 2014, KiOR, Inc. (Nasdaq: KIOR) and its wholly-owned subsidiary Kior Columbus, LLC, (KiOR Columbus, together, with KiOR, the Company) entered into a Senior Secured Promissory Note and Warrant Purchase Agreement (the 2014 Note Purchase Agreement) with KFT Trust, Vinod Khosla, Trustee, (KFT Trust or the 2014 Note Purchaser) and KFT Trust in its capacity as agent for the 2014 Note Purchaser.
The 2014 Note Purchase Agreement contemplates multiple tranches of financing of up to $25 million. The first tranche, which we expect will close on April 3, 2014, consists of the purchase by KFT Trust of $5.0 million of Senior Secured Mandatorily Convertible Notes (the 2014... More