DMC Global Repays Paycheck Protection Program Loan
April 23 2020 - 4:45PM
DMC Global Inc. (Nasdaq: BOOM) recently applied for a loan under
the U.S. Government’s Paycheck Protection Program (PPP). The
application was vetted by the Small Business Administration (SBA),
and on April 14, 2020, a loan of $6.7 million was approved.
DMC borrowed this money, as the PPP legislation
intended, to provide its 306 U.S. employees with payroll and
benefits protection as the Company’s primary energy market enters a
sharp downturn and the global economy rapidly slows due to
COVID-19, significantly reducing DMC’s revenues. DMC believes
that at the time it borrowed the money, it fully complied with the
language of the PPP legislation. While the PPP program allows for
loans of up to $10 million for all companies with as many as 500
employees, subsequent guidance from the SBA made after DMC had
received the proceeds of the loan states that public companies may
not be eligible for the program. In view of these new
guidelines and to avoid any further disputes at a time when the
business environment is the most difficult it has seen, the Company
has repaid the loan.
About DMCDMC Global is a
diversified holding company. Our innovative businesses
provide differentiated products and services to niche industrial
and commercial markets around the world. DMC’s objective is to
identify well-run businesses and strong management teams and
support them with long-term capital and strategic, legal,
technology and operating resources. Our approach helps our
portfolio companies grow core businesses, launch new initiatives,
upgrade technologies and systems to support their long-term
strategy, and make acquisitions that improve their competitive
positions and expand their markets. DMC’s culture is to
foster local innovation versus centralized control, and stand
behind our businesses in ways that truly add value. Today, DMC’s
portfolio consists of DynaEnergetics and NobelClad, which
collectively address the energy, industrial processing and
transportation markets. Based in Broomfield, Colorado, DMC
trades on Nasdaq under the symbol “BOOM.” For more information,
visit the Company’s website at: http://www.dmcglobal.com.
CONTACT:Geoff HighVice
President of Investor Relations303-604-3924
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