Urban-Gro finalizes $10M asset-based lending facility

urban-gro announced that UG Construction, the Company’s wholly-owned construction subsidiary, has finalized an interest-only revolving asset-based lending facility in the amount of $10 million dollars. The ABL expires in March 2025 and is subject to an automatic nine-month renewal if the Borrower complies with all terms of the loan agreement and secures lender approval. The Company has filed a Form 8-K with the Securities and Exchange Commission detailing all terms and conditions of the ABL. The ABL will replace an $8 million facility that the Company discussed on its third-quarter earnings call that was never formally executed as it was not drawn upon. Bancroft Capital, LLC served as the exclusive placement agent to the Company for the transaction.