Beam Global Secures $100 Million Credit Facility

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Go back to Beam Global Secures $100 Million Credit Facility

Beam (BEEM) gains on announced $100M credit facility

March 23, 2023 9:03 AM EDT

Shares of EV charging and technology company, Beam Global (NASDAQ: BEEM) are up more than 4% in pre-market trading on Thursday following the announced execution of a $100M line of credit with supply chain solutions specialist, OCI Group.

The credit facility is non-dilutive and inexpensive, priced at SOFR (Secured Overnight Financing Rate) plus 300 basis points. Beam intends to use the funds to provide working capital to support the Companys rapid growth in product orders and deliveries.

The facility is a five year agreement and is effective and active immediately,... More