3M expands strategic commercial partnership with Amazon
AMZN•3M expanded its commercial relationship with an Amazon subsidiary, and another Amazon subsidiary received a seven-year warrant to buy up to 3,162,015 3M shares at $164.89 each. Most warrant shares vest based on Amazon payments for data center products, with full vesting at $6 billion.
1. Warrant terms
Under the expanded relationship, an Amazon subsidiary received a warrant to purchase up to 3,162,015 3M common shares at $164.89 per share. The warrant has a seven-year term. 85% of the shares vest based on Amazon payments for optical connectivity and other data center products, with full vesting at $6 billion; the remaining shares vest subject to event-based milestones.
