Urgently Enhances Its Capital Structure
In a strategic move to improve its capital structure, Urgently Inc. (Nasdaq: ULY), a leader in digital roadside and mobility assistance technology, has announced a significant funding deal. By reaching an agreement with its lenders for a new asset-based revolving credit facility worth up to $20 million, Urgently aims to bolster its financial foundation.
Transforming the Roadside Assistance Market
This new credit facility, arranged with MidCap Financial, is designed to refinance existing debts and to further the company’s mission of reshaping the legacy roadside assistance market. Urgently seeks to create a robust framework for connected mobility assistance services catering to various sectors including automotive, insurance, and logistics.
Leadership Insights on New Financing
Tim Huffmyer, the Chief Financial Officer of Urgently, expressed optimism about the new facility, stating, “This addition will enable us to continue transforming our services while ensuring we meet the demands of our partners and customers efficiently.” His comments highlight the commitment of Urgently to innovate beyond traditional roadside solutions.
Collaboration with Partners
Garrett Fletcher, President of Structured Finance at MidCap Financial, shared insights about their partnership, emphasizing the importance of technology in enhancing customer experiences in roadside assistance. With a focus on improving financial performance, MidCap is thrilled to back Urgently’s growth initiative.
Strategic Support from Financial Partners
Alongside MidCap, several significant funds managed by Highbridge Capital Management, Onex Credit, and Whitebox Advisors are participating in this restructuring. They have agreed to defer certain payments under previous agreements, allowing for the issuance of shares and an extension on loans. This partnership is a testaments to their confidence in Urgently’s trajectory and performance.
CEO's Commentary
Matt Booth, CEO of Urgently, also noted, “This restructuring signifies sustained confidence from our investors. The changes to our capital structure fundamentally strengthen our ability to stay committed to our mission and the exceptional services we provide.” His thoughts encapsulate the importance of collaboration and support from financial partners.
Innovative Digital Solutions at Urgently
Urgently's main goal revolves around ensuring safe and uninterrupted movement for drivers. The company's state-of-the-art software platform utilizes real-time data and AI technology to offer seamless roadside assistance. Their focus is on delivering superior service experiences to their partners through innovative technology.
Future of Connected Mobility
As the demand for connected roadside assistance grows, Urgently is well-positioned to meet this evolving landscape. By harnessing advanced technology, they aim to provide exceptional customer satisfaction and client loyalty, promoting a smoother driving experience globally.
Continued Commitment to Transformation
With these capital structure enhancements, Urgently enhances its commitment to driving innovation in the market. Their goal remains clear: to redefine roadside assistance through modern solutions that prioritize customer needs and satisfaction.
Media and Investor Relations
For those who wish to reach out for more details, Urgently welcomes media inquiries via email at media@geturgently.com and investor relations at investorrelations@geturgently.com.
Frequently Asked Questions
What is Urgently's new financing deal about?
Urgently has secured a new credit facility of up to $20 million intended to improve its capital structure and repay existing debts.
Who is providing the new credit facility?
The new facility has been arranged with MidCap Financial, focused on supporting Urgently's business transformation.
What is Urgently's primary service?
Urgently provides digital solutions for roadside and mobility assistance, utilizing advanced technology to enhance customer experiences.
How will the new financing impact Urgently's growth?
This financing will support Urgently's growth initiatives, enabling them to expand their service offerings and enhance their operational capabilities.
How can I contact Urgently for inquiries?
Individuals can contact Urgently through their media or investor relations email addresses provided in the article.
