LAFAYETTE, Colo., Dec. 18, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (NASDAQ:UGRO) ("urban-gro" or the "Company"), an integrated professional services and consulting firm, today announced that UG Construction, Inc. ("the Borrower"), the Company's wholly-owned construction subsidiary, has finalized an interest-only revolving asset-based lending facility ("the ABL") in the amount of $10 million dollars.
Bradley Nattrass, Chairman and CEO, commented, "As we continue to sign larger deals in multiple market sectors, particularly the design-build contracts led by our construction division, it is important that we have continued access to non-dilutive working capital. This ABL will provide us with the financial flexibility to better manage working capital needs as related to supporting our strengthening growth trajectory."
The ABL expires in March 2025 and is subject to an automatic nine-month renewal if the Borrower complies with all terms of the loan agreement and secures lender approval. The Company has filed a Form 8-K with the Securities and Exchange Commission detailing all terms and conditions of the ABL. The ABL will replace an $8 million facility that the Company discussed on its third-quarter earnings call that was never formally executed as it was not drawn upon.
Bancroft Capital, LLC served as the exclusive placement agent to the Company for the transaction.
About urban-gro, Inc.
urban-gro, Inc.® (NASDAQ:UGRO) is an integrated professional services consulting firm delivering professional services and solutions across architecture, design, engineering, equipment integration, and construction management. Our multi-sector expertise encompasses a diverse set of projects across ...