Carbon Revolution Secures Further Release of $5 Million from OIC
Carbon Revolution Public Limited Company (CREV)
Company Research
Source: GlobeNewswire
GEELONG, Australia, Nov. 05, 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 OIC has released an incremental US$5 million of the escrowed US$35 million facility, of which, as a result of this most recent release, all US$35 million has now been released. In connection with the release the Company issued to OIC a warrant to purchase a number of shares equal to 2.5% of the Company’s shares outstanding. Proceeds from the OIC investment will be used to fund operations and investments in capacity in the near term. The release of funds from escrow is the final release of the aggregate of US$35 million funded by OIC into escrow in connection with the closing of the Company’s business combination in November 2023. The Company currently does not have any additional committed financing, as the original Securities
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CREV
Sec Filings
- 11/22/24 - Form 6-K
- 11/5/24 - Form 6-K
- 11/1/24 - Form NT
- CREV's page on the SEC website