TGEN - Tecogen Announces Obtaining $1.5m Credit Facility | Benzinga
WALTHAM, MA, Oct. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Tecogen Inc. (OTCQX:TGEN) a leading provider of clean energy products and services, is pleased to announce the signing of a $1.5 million Credit Agreement provided by our directors John Hatsopoulos and Earl Lewis. The line of credit has no fees or interest unless drawn upon and matures 12 months from date of agreement. Interest on the line is at the minimum Federally Applicable Rate and will be paid on maturity. The minimum drawdown on the facility is $500,000.
The board has also authorized the company to prepare the filings necessary to hold a special meeting of the stockholders to vote on a reverse split with a view to listing Tecogen's shares on a national securities exchange.
"This line of credit provides additional liquidity for the company at favorable terms and helps strengthen our balance sheet. As we look to grow our revenue and ship ...