TechMediaBreaks – Genasys Inc. (NASDAQ: GNSS) Secures $15M Two-Year Senior Secured Term Loan

May 23, 2024 12:41:32

Genasys (NASDAQ: GNSS), the leader in protective communications solutions, recently closed a $15 million two-year senior secured term loan with an institutional investor. The institutional investor is experienced in government contracts and specifically conducting business in Puerto Rico and with Genasys’ customer there, PREPA. The announcement noted that proceeds from the financing will be used for working capital and other general corporate purposes, enabling continuing growth of the company’s software business as well as facilitating delivery against the previously announced project award in Puerto Rico. Secured by substantially all of the company’s assets, the loan is non-amortizing and is due May 13, 2026. In addition, Genasys issued approximately 3.1 million five-year warrants to the investor, each exchangeable for one share of common stock at an exercise price of $2.53, subject to adjustment.

To view the full press release, visit https://ibn.fm/Y3X2x

About Genasys Inc.

Genasys is the global leader in protective communications solutions and systems, designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters(TM).” The company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices (“LRAD(R)”) that deliver directed, audible voice messages with intelligible vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (“SLED”); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Today Genasys protects over 70 million people globally and is used in more than 100 countries, including more than 500 cities, counties and states in the U.S. For more information about the company, please visit www.Genasys.com.

About TechMediaWire

TechMediaWire (“TMW”) is a specialized communications platform with a focus on pioneering public and private companies driving the future of technology. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, TMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists, and the general public. By cutting through the overload of information in today’s market, TMW brings its clients unparalleled recognition and brand awareness. TMW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from TechMediaWire, text “TECH” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.TechMediaWire.com

Please see full terms of use and disclaimers on the TechMediaWire website applicable to all content provided by TMW, wherever published or re-published: https://www.TechMediaWire.com/Disclaimer

TechMediaWire
Los Angeles, CA
www.TechMediaWire.com
310.299.1717 Office
[email protected]

TechMediaWire is powered by IBN