Electric City Announces They Obtained $5 Million in Financing; May Get Another $15 Million
Electric City has announced that they will be borrowing $5 million via a four year convertible term loan. The company has also stated that they may be borrowing another $15 million under “substantially similar terms.”
We are excited about Electric City’s technology, but a bit disturbed that they haven’t been able to be self-sustaining on cash.
This debt is convertible at $1.16 per share - above their current market price. However, we have been watching things for some time and have not seen much cash flow into the coffers.
