Custody
Escrow
How subscription funds are intended to be held before they are deployed.
Intended structure
Subscription funds are intended to be wired to company counsel's trust account — not to the company's operating account and not to any individual's account — and held there pending a contingent closing. Counsel releases funds to the company only when the conditions set out in the definitive agreements are satisfied or waived. Membership interests are issued when that closing occurs and funds are released.
No law firm or escrow agent has been engaged and none is named on this site. This page describes an intended structure, not an arrangement that is in place.
Intended closing conditions
Counsel would hold wires until the definitive documents confirm the following are satisfied or waived:
- The minimum raise threshold is reached.
- Tesla has accepted the company as a third-party fleet operator, or has published written terms under which titled Cybercabs can be attached to the Robotaxi Network in this market. Tesla has announced neither for any operator.
- A vehicle order can be placed at a published price that, with the published network revenue share, still supports the planning economics on this site.
- A commercial autonomous-vehicle insurance indication can be bound for titled Cybercabs at a workable premium, above the Kentucky statutory minimum.
- Kentucky authorisations are in place: motor-carrier certificate, financial-responsibility filing and the law-enforcement interaction plan filed with the Transportation Cabinet and State Police.
- No adverse federal determination on the Cybercab's certification that would prevent lawful driverless operation in Kentucky.
If the conditions fail
If the conditions are not met by the long-stop date the definitive documents will set, capital is not called and subscriber funds are returned as those documents provide. Funds are not redirected into a different business, a different vehicle or a different market.
The long-stop date, any fees, the treatment of interest earned while funds are held, the standard for waiving a condition and the exact release mechanics will be established only in the definitive documents.