Bridge financing of 15 MSEK in total secured with the three largest shareholders in InCoax
InCoax Networks AB has entered loan agreements with the three largest shareholders as bridge financing. The three owners Saugatuck Invest AB, Norrlandspojkarna AB and BLL Invest AB each lend 5 MSEK, that is in total 15 MSEK. The loans are at market terms with an interest of 8% (on an annual basis). The term of the loans is June 15, 2020 – September 15, 2020.
“To ensure Incoax's short-term need for working capital, the Board and management have decided to raise a loan of SEK 15 million. The capital gives us the opportunity to continue to develop our business according to plan and to find long-term financing solutions”, said Richard Tooby, Chairman of the Board of Incoax.
The loans are at market terms with an interest rate of 8% (on an annual basis). The term of the loans is June 15, 2020 - September 15, 2020.
"It is very satisfying that our three largest owners have great confidence in the company's management and business plan and that we have now secured bridge financing to be able to continue in the execution of our activities aimed at jump-starting sales and creating very interesting business opportunities in the top Tier operator segment”, said Jörgen Ekengren, CEO, InCoax Networks.
This information is such information as InCoax Networks AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16:50 CEST on May 15, 2020.
For more information:
Jörgen Ekengren, CEO, InCoax Networks AB
jorgen.ekengren@incoax.com
+46 73- 899 55 52
About in:xtnd
In:xtnd is EASY to install as it uses the existing coax cable infrastructure for fiber access extension. Its plug-in Access modems allows for tenant’s self-installment. It may be rolled out in stages and ensures minimal operational disturbances. In:xtnd is FAST, allowing 2.5 Gbps data traffic on each channel, almost as fast upstream as downstream (symmetrical). Using existing cable infrastructure makes in:xtnd the SMART and environmentally friendly choice. Fast and easy deployment allows for higher subscriber uptake with short time to revenue. For more information about our products, visit inxtnd.com.
About InCoax Networks AB (publ)
InCoax Networks AB (publ) is innovating the future of broadband access. In:xtnd™ provides the next-generation smart and sustainable networking solutions to the world’s leading telecom and broadband service providers. For additional information about how we are saving the world from complicated, visit incoax.com. Augment Partners AB, tel. +46 8-505 651 72 info@augment.se, is acting as the company’s Certified Adviser.