Mamamancini's Secures $10.5M Expanded Credit Facility

by Shivani Kumaresan, Benzinga Staff Writer

August 30, 2021 1:57 PM | 1 min read |

Mamamancini's Holdings Inc MMMB has secured an expanded credit facility with M&T Bank Corp MTB for $10.5 million.
The credit is for acquisition financing at an interest rate of 3.5% above one-day LIBOR.
Any proposed acquisition will need the approval of M&T bank to utilize the funding.
The company said it seeks to acquire food product companies with sales in the $12 million to $20 million per year, generating positive EBITDA.
Mamamancini's Holdings held cash and cash equivalents as of April 30, 2021, of $4.2 million.
Price Action: MMMB shares are trading lower by 0.79% at $2.50 on the last check Monday.

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