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- Solar energy storage company, NeoVolta (NASDAQ:NEOV), said on Wednesday it has secured a $5M Line of Credit (LOC) from National Energy Modelers to bolster the company’s working capital while preserving shareholder equity.
- The LOC is a pure debt financing agreement with no equity component.
- Pursuant to the LOC, NeoVolta (NEOV) has agreed not to utilize its Form S-3 registration statement, which means that it cannot issue shares under the ‘shelf’ registration statement without the lender’s consent.
- The LOC will provide NeoVolta (NEOV) with the necessary capital to advance its strategic initiatives, the company said.
- NeoVolta (NEOV) shares were up 1.65% during Wednesday trading hours.
