OMNIQ Corp (OMQS) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 18, 2024, Omniq Corp’s subsidiary, Quest Marketing, Inc., entered into an agreement with Prestige Capital Finance, LLC, selling its rights to certain accounts receivable at 80% of their value with a maximum advance of $7,500,000. The accounts are subject to a discount fee based on their outstanding duration post-down payment, starting at 1.50% for the first 30 days and increasing every ten days, with a higher default rate if not repaid as per the agreement terms.
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