- SRAX ( NASDAQ: SRAX ) on Monday announced a revolving credit facility , which allows the firm to draw up to $9.5M over the next 2 years.
- Repayment of the facility is based on a percentage of sales of SRAX's marketable securities from customers of its SaaS platform Sequire.
- The amount of the facility outstanding is convertible into shares at $15/share.
- The facility requires SRAX to repurchase a minimum of $1M shares under $5/share.
- "We are working diligently with auditors to get our 10K filled. As of this date, there are no significant deviations (+/- 3%) on the income statement that we presented in our annual update. Our auditors believe we will be able to file in the next few weeks," said SRAX CEO Christopher Miglino.
- SRAX also launched a website for investors to track the current value of its marketable securities portfolio.
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SRAX announces $9.5M revolving credit facility