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CarParts.Com, Inc.(NASDAQ:PRTS) shares are trading higher after the company announced a $75 million credit facility.
The credit facility includes an increased aggregate lender commitment of up to $75 million, subject to borrowing base availability based on specified advance rates, eligibility criteria and customary reserves. Further, it allows for an uncommitted ability to increase the asset-based lending by an additional $75 million for a total potential capacity of $150 million, subject to certain terms and conditions. The credit facility is currently undrawn.
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CarParts.com recently announced its ninth consecutive quarter of year-over-year sales growth with record first quarter 2022 revenue of $166 million, up 80% on a two-year stack.
David Meniane, Chief Executive Officer, commented "This credit facility gives us a non-dilutive source of capital that will allow us to focus on financially disciplined growth and we are optimistic about our ability to succeed regardless of the economic environment."
CarParts.com Inc is an online provider of automotive aftermarket parts and repair information. The company principally sells its products to individual consumers through its network of websites and online marketplaces.
PRTS Price Action: CarParts.Com, Inc. has traded between $20.74 and $5.90 over a 52-week period.
The stock was trading about 9% higher at $8.32 per share on Tuesday at the time of publication.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.