Motiv Power Systems can tap up to $15 million in cash from its largest shareholder as it catches up on pandemic-delayed orders for medium-duty electric truck software and power electronics.
GMAG Holdings Corp. is swapping cash for convertible notes that will grow its stake in the Foster City, California-based startup.
“Technically, it’s a loan. But it does convert into equity in the Series C round we just kicked off and plan to close by year-end,” Motiv CEO Matt O’Leary told FreightWaves.
Cash-for-...
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