Enviva Inc. announced that it has entered into subscription agreements for a private placement of 6,629,541 Series A Preferred Shares at a price of $37.71 per share for the gross proceeds of $249,999,991.11 on February 28, 2023. The transaction will include participation from Inclusive Capital Partners, L.P., Riverstone Holdings LLC and BTG Pactual Gestora de Recursos Ltda, Certain current and former directors and officers including Ralph Alexander (a director of the company), John C. Bumgarner, Jr. (a director of the company), Gary L. Whitlock (a director of the company), Thomas Meth (a director of the company and the company's President and Chief Executive Officer), and John K. Keppler (former President and Chief Executive Officer of the company). Each preferred share is convertible into one share of common stock, par value $0.001 per share, subject to adjustment for any stock dividends, splits, combinations, and similar events, and will automatically convert into commons stock upon shareholder approval of the conversion by a majority of the votes cast, which is expected to be obtained on or before June 15, 2023.

The transaction is expected to close on or around March 20, 2023.