Actelis Networks Announces New $1.5 Million Credit Line
February 07 2024 - 4:30PM
Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”) a
market leader in cyber-hardened, rapid deployment networking
solutions for IoT applications, today announced the closing of a
new credit line facility. The accounts receivable credit line from
an Israeli bank of up to $1.5 million increases the Company’s
operating cash while not increasing the Company’s total debt, as
the Company will perform an early repayment of its existing debt
using its restricted cash in a similar amount.
The new credit line will be secured by customer
invoices and will incur interest at a Federal SOFR rate plus 5.5%
and is available until the end of 2024, with possible extension. At
the same time, Actelis plans to perform a partial early repayment
of its existing debt facility at an amount equal to the amount of
funding from the new credit line, therefore leaving the total debt
amount at a similar level.
Yoav Efron, Chief Financial Officer of Actelis stated, “We are
pleased to announce this new credit line agreement as it increases
operating cash while we continue to pursue our business plan, and
it does not increase our total debt since we will partially repay
our existing loan using our restricted cash.”
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a
market leader in cyber-hardened, rapid-deployment networking
solutions for wide-area IoT applications including federal, state
and local government, ITS, military, utility, rail, telecom and
campus applications. Actelis’ unique portfolio of hybrid
fiber-copper, environmentally hardened aggregation switches, high
density Ethernet devices, advanced management software and
cyber-protection capabilities, unlocks the hidden value of
essential networks, delivering safer connectivity for rapid,
cost-effective deployment. For more information, please visit
www.actelis.com.
Forward-looking Statements
This press release contains certain
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements, and include statements regarding the completion of the
private placement, satisfaction of the closing conditions and use
of proceeds therefrom and obtaining shareholder approval. All
forward-looking statements speak only as of the date of this press
release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
objectives, expectations and intentions reflected in or suggested
by the forward-looking statements are reasonable, we can give no
assurance that these plans, objectives, expectations or intentions
will be achieved. Forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control),
including, but not limited to, market and other conditions, and
assumptions that could cause actual results to differ materially
from historical experience and present expectations or projections.
Actual results to differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Media Contact:Sean RennGlobal VP Marketing
& Communicationssrenn@actelis.com
Investor Relations Contact:Kirin SmithPCG
Advisory, Inc.
Ksmith@pcgadvisory.com
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