Actelis Networks Announces New $1.5 Million Credit Line
FREMONT, Calif., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”) a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced the closing of a new credit line facility. The accounts receivable credit line from an Israeli bank of up to $1.5 million increases the Company’s operating cash while not increasing the Company’s total debt, as the Company will perform an early repayment of its existing debt using its restricted cash in a similar amount.
The new credit line will be secured by customer invoices and will incur interest at a Federal SOFR rate plus 5.5% and is available until the end of 2024, with possible extension. At the same time, Actelis plans to perform a partial early repayment of its existing debt facility at an amount equal to the amount of funding from the new credit line, therefore leaving the total debt amount at a similar level.
Yoav Efron, Chief Financial Officer of Actelis stated, “We are pleased to announce this new credit line agreement as it increases operating cash while we continue to pursue our business plan, and it does not increase our total debt since we will partially repay our existing loan using our restricted cash.”
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications includin federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment. For more information, please visit www.actelis.com.
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