AgEagle Aerial Systems Inc (UAVS) has released an update to notify the public and investors about an entry into a material definitive agreement.
AgEagle Aerial Systems Inc. entered into an agreement to sell future receipts worth $1,512,000 to a commercial lender for a discounted price of $1,050,000, effective January 23, 2024. The company will make weekly payments of $54,000 until the full amount is paid, with an option to prepay $1,312,500 within 30 days. There is no interest rate or payment schedule expiration, and failure to pay due to business slowdown or cessation does not constitute default.
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For a comprehensive understanding of the announcement, you can read the full document here.
