$INV faces mounting scrutiny over a web of related-party transactions disclosed in its September 2024 stockholder letter:
• June 2025: Accelsius issued convertible notes to insiders—including WE-INN LLC and an Ascent vehicle tied to an activist investor—at a fixed $12.175 conversion price, roughly one-third the $36.49 price of the subsequent Series B-1 round. Innventure held but did not exercise an identical conversion right on its own $12M credit line; proceeds from the insider notes were used to repay that line.
• Settlements with Glockner Family Venture Fund (managed by Audit Committee Chair James O. Donnally) involved issuing Series C Preferred Stock and booking a loss on extinguishment.
• Payments to L1FE Management (100% owned by Roland Austrup), Colin Scott (son of Dr. John Scott), and aircraft time-sharing deals with entities tied to Michael Otworth and Dr. Scott.
• The ESG Fund paid management fees to an Innventure subsidiary.
All transactions required Audit Committee approval—raising conflict-of-interest flags given the directors' own ties.
• June 2025: Accelsius issued convertible notes to insiders—including WE-INN LLC and an Ascent vehicle tied to an activist investor—at a fixed $12.175 conversion price, roughly one-third the $36.49 price of the subsequent Series B-1 round. Innventure held but did not exercise an identical conversion right on its own $12M credit line; proceeds from the insider notes were used to repay that line.
• Settlements with Glockner Family Venture Fund (managed by Audit Committee Chair James O. Donnally) involved issuing Series C Preferred Stock and booking a loss on extinguishment.
• Payments to L1FE Management (100% owned by Roland Austrup), Colin Scott (son of Dr. John Scott), and aircraft time-sharing deals with entities tied to Michael Otworth and Dr. Scott.
• The ESG Fund paid management fees to an Innventure subsidiary.
All transactions required Audit Committee approval—raising conflict-of-interest flags given the directors' own ties.