WBX

Wallbox N.V. Form 6-K Summary: Restructuring Announcement

Business Context and Reporting Period

This Form 6-K, dated April 1, 2026, reports that Wallbox N.V. (NYSE: WBX) has agreed on the terms of a comprehensive Group-wide recapitalization and financial restructuring with its main financial creditors, key shareholders, and a new investor. The filing follows a standstill agreement entered into in October 2025 and the commencement of court-supervised negotiations in December 2025 under Spanish Insolvency Law (TRLC). The Restructuring Plan is expected to be signed on or around April 8, 2026, and requires sanctioning by the Commercial Section of the Court of First Instance of Barcelona to become effective.

Key Financial Metrics and Restructuring Terms

The filing details the proposed capital structure rather than historical operating results. Key financial components of the Restructuring include:

• Interim Financing: Approximately EUR 5.35 million provided by financial creditors to support operations until the Effective Date.
• Shareholder Bridge Loan: EUR 5.65 million in cash funded by Reference Shareholders (face value EUR 6.65 million including OID), accruing 10% PIK interest. This will be converted to equity upon the Capital Increase.
• Capital Increase (Equity Injection): A private placement of at least EUR 10.65 million from Reference Shareholders and a new investor (IFEM, representing the Generalitat de Catalunya).
• New Money Financing: Up to EUR 12.5 million from participating financial creditors. This amount may be reduced to approximately EUR 5.35 million if a specific "New Money Guarantee" is not obtained within two months.
• Restructured Term Debt: Existing term debt restructured into approximately EUR 126.7 million total:
  • Term Loan A (Senior): Approx. EUR 57.6 million, maturing Dec 31, 2030, with cash interest (EURIBOR + margin) and scheduled amortization.
  • Term Loan B (Subordinated): Approx. EUR 69.1 million, maturing Dec 31, 2030, with 7% PIK interest and bullet repayment at maturity.
• Restructured Working Capital: Approx. EUR 42.8 million under a new syndicated framework, maturing Dec 31, 2030.
• Non-Financial Debt: Approx. EUR 12.1 million of unsecured debt to non-strategic suppliers restructured with cash interest and scheduled amortization.

The filing does not provide specific values for current revenue, profit, cash flow, or existing debt levels prior to restructuring.

Material Changes and Strategic Shifts

The primary material change is the transition from a distressed liquidity position to a court-sanctioned restructuring plan. Key shifts include:

• Debt Service Alignment: Maturities are extended to 2030, and repayment profiles are calibrated to forecasted cash flows.
• Capital Structure: Introduction of significant new equity (approx. EUR 10.65 million) and new money debt to replace existing facilities.
• Security Package: Implementation of a new, shared security package covering substantially all material operating entities, shares, IP, and cash balances on a pari passu basis.
• Liquidity Preservation Mechanism: A "low-stress scenario" is triggered if the New Money Guarantee or additional equity is not secured within two months, reducing interest rates and amortization requirements in 2026-2027.

Guidance, Risks, and Contingencies

Management Commentary: The Board concluded the Restructuring is in the best interests of all stakeholders to ensure long-term financial viability. The plan excludes pre-emptive rights for existing shareholders, resulting in dilution, which the Board deems necessary for deal certainty.

Risks and Contingencies:

• Court Sanctioning: The Restructuring is not effective until sanctioned by the Spanish court.
• Financing Conditions: The full EUR 12.5 million New Money is contingent on obtaining a 50% guarantee from an additional financial entity within two months of the Effective Date.
• Equity Commitments: Additional equity injection from existing shareholders is expected but not guaranteed; failure to secure this triggers the low-stress debt service mechanism.
• Forward-Looking Statements: The filing explicitly warns that actual results may differ due to risks including the failure of the Restructuring Plan to be signed or sanctioned, and the company's history of operating losses.

Investor Verification Checklist

• Verify the execution of the definitive Restructuring Plan and its subsequent sanctioning by the Commercial Section of the Court of First Instance of Barcelona.
• Confirm whether the "New Money Guarantee" (50% guarantee on new financing) is obtained within two months of the Effective Date to ensure the full EUR 12.5 million facility is available.
• Monitor the completion of the Capital Increase (PIPE) and the conversion of the Shareholder Bridge Loan into equity.
• Review the final terms of the Term Loan A and B, specifically the interest rate margins and amortization schedules, to assess future cash flow requirements.
• Assess the dilution impact on existing shareholders resulting from the exclusion of pre-emptive rights in the Capital Increase and the issuance of Support Fee Warrants.