Carbon Revolution Secures Further Release of $5 Million from OIC and is in Ongoing Negotiations with OIC for Further Releases
Carbon Revolution Public Limited Company (CREV)
Company Research
Source: GlobeNewswire
GEELONG, Australia, May 24, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the “Company”), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that it has reached an agreement with Orion Infrastructure Capital ("OIC") for the early release of a further US$5 million from the remaining US$30 million in escrow, by way of issuance of secured debt under modifications which have been agreed with existing financiers. After giving effect to the net proceeds of the US$5M release, the Company has approximately US$6.1M of unrestricted cash1 and US$4.9M in restricted Trust fund related to the PIUS agreement on the balance sheet. The US$5M release and the remaining escrow fall under the previously announced Structured Equity Facility with OIC for up to US$110 million, as amended to accommodate issuance of debt, on the terms and conditions summarized in the Company's filing with the SEC, which
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CREV
News
- Carbon Revolution Secures $25 Million Financing Agreement with OIC to Fund GrowthGlobeNewswire
- Carbon Revolution Appoints Industry Veteran Alia Comai as Chief Revenue Officer to Lead the Sales and Strategic PartnershipsGlobeNewswire
- Carbon Revolution Wins Automotive News PACE AwardsGlobeNewswire
- OIC Funds Incremental Early Release of $5 Million to Carbon RevolutionGlobeNewswire
- Carbon Revolution Public Limited (NASDAQ: CREV) had its price target lowered by analysts at Craig Hallum from $84.00 to $39.00. They now have a "buy" rating on the stock.MarketBeat
CREV
Sec Filings
- 6/24/24 - Form 6-K
- 5/24/24 - Form 6-K
- 4/11/24 - Form 6-K
- CREV's page on the SEC website