Tattooed Chef Announces $40 Million Credit Facility
August 08 2022 - 4:11PM
Tattooed Chef, Inc. (Nasdaq: TTCF)
(“Tattooed Chef” or the “Company”), a leader in
plant-based foods, announced today an expanded and extended secured
revolving credit facility (“the credit facility”) with UMB Bank,
N.A., a subsidiary of UMB Financial Corporation. The credit
facility was increased to $40 million from $25 million and has a
three-year term set to mature in September 2025. The prior
facility, also with UMB, was scheduled to mature in September 2023.
Tattooed Chef expects to use the credit facility
for general corporate purposes, which may include the funding of
acquisitions, capital improvement projects, and internal growth
initiatives.
“We are very pleased to extend our long-standing
relationship with UMB and appreciate their continued support of our
business and vision,” said Sam Galletti, President and CEO of
Tattooed Chef. “This expanded and extended credit facility
significantly enhances our liquidity and our runway, and provides
us with the financial flexibility to execute on our balanced,
multi-pronged capital allocation strategy.”
About Tattooed Chef
Tattooed Chef is a leading plant-based food
company offering a broad portfolio of innovative and sustainably
sourced plant-based foods. Tattooed Chef’s signature products
include ready-to-cook bowls, zucchini spirals, riced cauliflower,
acai and smoothie bowls, cauliflower crust pizza, handheld
burritos, and quesadillas, which are available in the frozen food
sections of leading national retail food and club stores across the
United States as well as on Tattooed Chef’s e-commerce site.
Understanding consumer lifestyle and food trends, a commitment to
innovation, and self-manufacturing allows Tattooed Chef to
continuously introduce new products. Tattooed Chef provides
approachable, great tasting and chef-created products to the
growing group of plant-based consumers as well as the mainstream
marketplace. For more information, please visit
www.tattooedchef.com.
Follow us on social: Facebook, Instagram,
TikTok, Twitter, and LinkedIn and Taste the Jams on Spotify.
Forward Looking Statements
This notice contains forward-looking statements
(including within the meaning of the Private Securities Litigation
Reform Act of 1995) concerning us and other matters. These
statements may discuss goals, intentions and expectations as to
future plans or events, based on current beliefs of management, as
well as assumptions made by, and information currently available
to, management. Forward-looking statements may be accompanied by
words such as “may,” “will,” “expect” or similar words, phrases or
expressions. These forward-looking statements are subject to
various risks and uncertainties, many of which are outside our
control, including those described in “Risk Factors” in our annual
report on Form 10-K for the year ended December 31, 2021. We
caution readers not to place undue reliance upon any
forward-looking statements.
INVESTORS |
|
Stephanie Dieckmann, CFO |
Devin Sullivan, SVP |
Tattooed Chef |
The Equity Group Inc. |
(562) 602-0822 |
(212) 836-9608 |
|
dsullivan@equityny.com |
|
|
|
Karin Daly, VP |
|
The Equity Group Inc. |
|
(212) 836-9623 |
|
kdaly@equityny.com |
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