RVSN - Rail Vision Secures $6 Million Credit Facility | Benzinga
An additional $3 million may be drawn down by the Company, subject to certain conditions
Ra'anana, Israel, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (the "Company") (NASDAQ:RVSN), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced the establishment of a $6 million credit facility (the "Credit Facility") and an additional amount of up to $3 million, subject to certain conditions (the "Additional Loans"), with a global investment firm (the "Lender").
"The successful completion of this financing marks a significant milestone in our ongoing efforts to enhance our capital structure," said Shahar Hania, CEO of Rail Vision. "The facility strengthens our financial position and improves our ability to accelerate the development and commercialization of cutting-edge solutions in railway safety. This new credit facility is not merely a transaction; it's a testament to the confidence that our investors have in our business strategy and our team's ability to execute it. We are now better positioned to drive innovation, expand our market reach, and deliver more value to our stakeholders."
The Credit Facility, which has a term of 10 months, will accrue interest at a rate of 8% per annum, and the first payment of $1.5 million was drawn down upon execution of the agreement. After the Credit Facility is exhausted, the Company may draw down the Additional Loans in an aggregate amount up to $3 million. The Additional Loans include two initial installments of up to $750,000, and two additional installments of up to $750,000, subject to certain conditions. The Additional Loans will accrue interest at a rate of 12% per annum. As ...