FTC Solar Secures $15 Million Through Promissory Notes
FTC Solar Closes Significant Funding Round
AUSTIN, Texas — FTC Solar, Inc. (Nasdaq: FTCI), known for its advanced solar tracker systems, has recently completed a notable private placement. This offering, consisting of senior secured promissory notes and warrants, amounts to an impressive total of fifteen million dollars ($15,000,000). The completion of this funding round was officially announced.
Details of the Promissory Notes
The promissory notes issued by FTC Solar carry an interest rate of 11% per annum, which can increase to 13% if the company opts for a paid-in-kind arrangement. These financial instruments are scheduled to mature on December 4, 2029. In addition, the associated warrants allow for the purchase of 1,750,000 shares of common stock at $0.10 per share, adjustable under specific conditions.
Utilization of Proceeds
FTC Solar plans to leverage the funds raised through this placement to bolster its balance sheet, accelerate growth initiatives, and support general corporate objectives. This strategic financial maneuver reflects the company's commitment to enhancing its operational capabilities and market position.
About FTC Solar, Inc.
Established in 2017 by a team of seasoned industry experts, FTC Solar stands out as a leading provider of solar tracker systems along with technology, software, and engineering services. The company’s solar trackers are designed to optimize the orientation of solar panels, significantly boosting energy production at solar energy sites. Known for their innovative designs, FTC Solar’s products not only deliver superior performance but also promise a cost-effective installation approach.
Contact Information
For investor relations inquiries, FTC Solar invites interested parties to reach out to:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com
Frequently Asked Questions
What is the significance of FTC Solar's recent funding round?
This funding round allows FTC Solar to enhance its balance sheet, support growth initiatives, and ensure continued development in solar technology.
What are the terms of the promissory notes issued by FTC Solar?
The notes bear interest rates of 11% or 13% depending on payment method, maturing in December 2029.
How will the funds be used by FTC Solar?
FTC Solar intends to use the funds for balance sheet support, growth acceleration, and various corporate purposes.
What does FTC Solar specialize in?
The company specializes in solar tracker systems and related technology, helping improve the efficiency of solar energy production.
How can I contact FTC Solar for investor inquiries?
Investors can contact Bill Michalek through the provided email or phone number for any related inquiries.
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