Why did Magnis Energy Technologies update on iM3NY Battery Plant and announce management changes?

Magnis Energy Technologies Ltd, the majority shareholder of iM3NY, has provided an update regarding the Credit Facility of the iM3NY Battery Plant in Endicott, New York, as well as announced changes in the company's management.

Concerns over Senior Secured Loan

On 10 November 2023, a default notice was issued for the US$100 million Senior Secured Term Loan Credit Agreement involving Imperium3 New York, Inc. (Borrower), iM3NY LLC, and Charge CCCV LLC (C4V), among others. The Lenders, including ACP Post Oak Credit I LLC, have not taken any enforcement action against the security for now. All parties involved are currently engaged in active discussions with ACP, the Lenders' representative. They are also exploring various short and long-term refinancing options. Additional updates will be provided by Magnis in accordance with the Listing Rule 3.

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1 disclosure obligations once negotiations progress and become more certain.

Board Changes at iM3NY

Meanwhile, Magnis has appointed Giles Gunesekera OAM as the third director to the iM3NY board of managers, thereby gaining control of the board. Mr. Gunesekera will join Ms. Claire Bibby and Mr. Frank Poullas from Magnis. Additionally, Mr. Shailesh Upreti and Mr. Mike Driscoll from C4V will serve on the board.

Appointment of Interim CEO for iM3NY

Following the change in the board, Magnis has implemented several management changes, starting with the appointment of Mr. Wade Guindy as the interim Chief Executive Officer (CEO) of iM3NY. Mr. Guindy brings extensive industry experience, having worked in C-Suite and executive management positions, as well as in operations, engineering, R&D, and product development in the lithium-ion battery sector in Europe and North America. With 35 years of experience, Mr. Guindy also holds 10 patents in lithium-ion battery technology. He is a US resident.

This update from Magnis Energy Technologies highlights the ongoing discussions surrounding the iM3NY Battery Plant's Credit Facility and the management changes within the company. As negotiations progress, further details will be provided to ensure transparency in accordance with the necessary disclosure obligations.

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