20th Aug 2025 14:54
Mycelx Technologies Corp - Georgia, US-based clean water and air technology firm - Opens credit line with Pennsylvania-based TriState Capital Bank worth up to USD500,000. Says this ups available funds for sales and marketing, trial equipment and bridging projects accounts receivable. Adds that it is looking to expand and accelerate its reach to meet the growing demand for its PFAS remediation and Produced Water treatment technology. The credit line has a floating rate basis adjusted one month term of the secured overnight financing rate plus 1.5% margin. Says the rate will not fall under 2.49%. Notes SOFR rate of 4.36% as of Friday last week.
"In securing this new LOC, MYCELX is placing itself in a stronger position to pursue its robust opportunity pipeline and further capitalise on recent successful trials and installations. The LOC provides flexibility for the company to increase marketing spend and trials while bridging milestone projects to completion," says Chief Executive Connie Mixon.
Current stock price: 23.13 pence
12-month change: down 55%
By Christopher Ward, Alliance News reporter
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