Carbon Revolution Limited announced that it has entered into a share purchase agreement to issue class A prefrred shares for the gross proceeds of up to $110 million on September 25, 2023. The transaction will include participation from new investors, OIC Structured Equity Fund I Range, LLC and OIC Structured Equity Fund I GPFA Range, LLC, funds managed by, OIC, L.P.

On May 24, 2024, the Company and the OIC Investors entered into Amendment No. 2 to the Securities Purchase Agreement (the ?Second SPA Amendment?), providing that all or a portion of the remaining $30 million held in the escrow account may be released in exchange for preferred shares issued by the Company or debt instruments issued by the Company or its subsidiaries, including Carbon Revolution Operations, as well as an associated warrants.