Solar Integrated Roofing Corp.’s (OTC: SIRC) New $25 Million Term Note ‘Well Positions’ Company To Provide Sustainable LongTerm Value For Its Shareholders, Says David Massey, CEO


Solar Integrated Roofing Corp.’s (OTC: SIRC) has secured a new $25 million term note which ‘well positions’  the company to provide sustainable long term value for its shareholders, says David Massey, CEO. “This $25 million term note, in conjunction with our cost control efforts to reduce redundant expenses, will prove instrumental to our near-term focus to optimize operating cash flows and profitability,” he explained features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

The company announced that terms of the new agreement for the drawdown term note are a principal amount of $25 million at an interest rate of 6% with a 5% original issue discount. The term note converts into SIRC common stock at a fixed price of $4.00 per share barring an event of default. Each drawdown has a maturity date six months from the issuance date.

Massey added, “I firmly believe that the achievement of sustainable, positive cash flows from operations is a critical step to enhancing shareholder value, something that needs to happen in advance of any potential future up listing.”

The $25 million term note is part of a one-two financial punch that also includes SIRC’s recent announcement of a new $10 million credit facility. Together, they offer SIRC the financial flexibility to support its next phase of growth, the Company said.  Additional details of that credit facility will be available in a Form 8-K to be filed upon closing, he said.

The new credit facility will ‘mark another important milestone’ for SIRC as it continues to execute on its strategic long-term growth objectives and strives to create sustainable, long-term value for its shareholders, Massey said.

Solar Integrated Roofing Corp. (OTC: SIRC) will aggressively focus on improving operating cash flows and profitability in 2023, Massey said.

Source: Stock Market Press

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