Power Solutions Ink Additional $25M Shareholder Loan Agreement With Weichai America

Power Solutions International Inc PSIX entered into an additional shareholder's loan agreement with its majority stockholder, Weichai America Corp., dated July 14, 2021.
The Shareholder's Loan Agreement, which matures on May 20, 2022, provides access to up to $25 million of credit at the discretion of Weichai to supplement the company's working capital, with interest at the applicable rate of LIBOR + 4.50% per annum.
As of July 15, 2021, PSI has borrowed $15 million under the Shareholder's Loan Agreement.
Price action: PSIX shares are trading higher by 5.71% at $7.40 on the last check Wednesday.