FTC Solar, Inc. announced on December 4, 2024, the closing of a previously announced private placement of senior secured promissory notes in an aggregate principal amount of $15,000,000, along with associated warrants. The offering officially closed on December 4, 2024.
The notes bear interest at a rate of 11% per annum if payable in cash, or 13% per annum if paid-in-kind at the company's option, and will mature on December 4, 2029. The warrants are exercisable for five years to purchase an aggregate of 1,750,000 shares of Common Stock at an exercise price of $0.10 per share, subject to adjustment.
The proceeds from this offering will be utilized for balance sheet support, acceleration of growth initiatives, and general corporate purposes. This capital injection is a critical step in strengthening the company's financial position and supporting its strategic objectives.
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