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

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  • 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.
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