Beam Global Bolsters Financial Flexibility Via New $100M Credit Facility

Beam Global BEEM has secured a $100 million line of credit with supply chain solutions specialist, OCI Group, based in London, U.K.
The credit facility is non-dilutive and inexpensive, priced at SOFR (Secured Overnight Financing Rate) plus 300 basis points.
There is no minimum use requirement, and OCI and Beam Global have agreed that the $100 million cap can be increased if needed.
Beam Global intends to use the funds to provide working capital to support its growth in product orders and deliveries.
Beam Global currently has no debt and approximately 10 million shares outstanding.
"This credit line gives us an additional layer of financial flexibility which will allow us to aggressively grow without taking on long-term debt or diluting our shareholders," said CEO Desmond Wheatley.
The facility is a five-year agreement and is effective and active immediately.
Price Action: BEEM shares are trading higher by 10.8% at $16.06 on the last check Thursday.