urban-gro, Inc. (UGRO): debt financing — urban-gro secures $10M interest-only ABL facility; replaces prior undrawn $8M facility

urban-gro, Inc.

urban-gro subsidiary UG Construction secures $10M interest-only ABL from Gemini Finance Corp.
Interest rate 1.75% per month; initial term to Sept 2024, auto-extend to May 2025.
Placement agent Bancroft Capital receives $200K cash and $200K warrants at closing; additional same if draws exceed $4.5M.
Prior $8M receivables facility never drawn and will not be used; new ABL supports working capital for larger contracts.
CEO says ABL provides non-dilutive financial flexibility for growth trajectory.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

urban-gro, Inc. incurred revolving credit of $10,000,000 with Gemini Finance Corp. at monthly rate of one and seventy-five hundredths percent (1.75%) maturing September 12, 2024.

Instrument: revolving credit
Principal: $10,000,000
Counterparty: Gemini Finance Corp.
Rate: monthly rate of one and seventy-five hundredths percent (1.75%)
Maturity: September 12, 2024
Event: incurrence

Exact text from the filing

On December 13, 2023, UG Construction, Inc. d/b/a Emerald Construction Management, Inc. (“ UG Construction ”), a wholly owned subsidiary of urban-gro, Inc. (the “ Company ”), entered into an interest only asset based revolving Loan Agreement (the “ Line of Credit ”) with Gemini Finance Corp. (“ Lender ”) pursuant to which Lender extended to the Company a secured line of credit in an amount not to exceed $10,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

urban-gro, Inc. entered into Line of Credit with Gemini Finance Corp. valued at $10,000,000 (effective 2023-12-13).

Action: entry
Agreement: credit facility
Counterparty: Gemini Finance Corp.
Value: $10,000,000
Effective: 2023-12-13

Exact text from the filing

entered into an interest only asset based revolving Loan Agreement (the “ Line of Credit ”) with Gemini Finance Corp. (“ Lender ”) pursuant to which Lender extended to the Company a secured line of credit in an amount not to exceed $10,000,000

View on SEC.gov

8 debt financings filed in the last 30 days. Browse all debt financings →

urban-gro, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-045198

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