Qumu (QUMU) Enters $8M Term Loan
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Qumu Corporation (NASDAQ: QUMU) announced that on October 21, 2016 it closed an $8 million credit agreement with Hale Capital Partners, LP. The credit agreement provides an $8 million term loan drawn at close, with principal due on October 21, 2019 and interest set at prime plus 6% payable monthly. The credit agreement includes a detachable 10-year warrant to purchase 314,286 shares of the company’s common stock at an exercise price of $2.80 per share. The company intends to use the term loan for general corporate purposes.
“The proceeds from the credit agreement strengthen our balance sheet as we execute our business plan. This includes advancing our market leadership as we continue to provide the best enterprise video content management solutions and services to our customers and to the Global 5000 market while we transition to more recurring revenue over time,” said Vern Hanzlik, president and CEO of Qumu. “That we were able to raise capital without the full dilitutive impact of an equity offering was also very important to us.”
The foregoing description of the credit agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, which is included as Exhibit 10.1 to the Form 8-K to be filed by the Company today.
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