FTHM - Fathom closes $3.5M convertible note private placement

2023-04-13 17:55:59 ET

• Fathom Holdings ( NASDAQ: FTHM ) said Thursday it sold and issued a senior secured convertible promissory note in principal amount of $3.5M to an existing institutional investor.
• The financing provides additional operating liquidity and financial flexibility.
• Interest on the note will be paid quarterly in cash on the principal amount at a rate that fluctuates every month, and is equal to the monthly average SOFR plus 5% per annum.
• The note's conversion price is $6/share and it will mature on April 12, 2025, unless repurchased or converted earlier.
• Net proceeds will be used for working capital and general corporate purposes.
• Fathom ( FTHM ) also reiterated its guidance of achieving adj. EBITDA breakeven in Q2 and cash flow profitability in Q3.
• Earlier, Fathom ( FTHM ) reported Q4 results below estimates.

For further details see: