PSIX - Power Solutions secures additional $30M shareholder loan agreement with Weichai America

Power Solutions International (OTCPK:PSIX) on Thursday entered into a fourth shareholder's loan agreement with its majority stockholder Weichai America for access to up to $30M of credit at the discretion of Weichai. The fourth shareholder agreement with Weichai comes at an interest rate of SOFR plus 4.65% with maturity on March 31, 2023. PSIX in December last year had entered into a third shareholder's loan agreement with Weichai for access to up to $50M of credit. "We appreciate Weichai's continued support of (PSIX) as we execute on the company's business objectives and work to generate improved financial results,” said the company's CEO Lance Arnett. Stock earlier closed flat at $2.90.

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Power Solutions secures additional $30M shareholder loan agreement with Weichai America