FLUX - Flux Power renews $14M credit facility with First Citizens Bank
2023-04-27 17:45:03 ET
- Lithium-ion battery maker Flux Power ( NASDAQ: FLUX ) on Thursday said it had renewed its existing $14M credit facility that it had entered into with now-failed Silicon Valley Bank.
- Under the direction of the Federal Deposit Insurance Corporation, Silicon Valley Bank's deposits and loans were sold to First Citizens Bank ( FCNCA ) in late March after the shuttering of the former.
- FLUX's $14M credit facility has been renewed with the Silicon Valley Bank unit now under First Citizens ( FCNCA ).
- "This renewal, along with our existing cash, is intended to meet our anticipated capital resources to fund planned operations," FLUX CFO Chuck Scheiwe said in a statement .
- Flux Power ( FLUX ) stock was down 1.1% to $3.70 after hours.
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Flux Power renews $14M credit facility with First Citizens Bank