Real Good Food (RGF) said late Thursday that it entered into an agreement with Emblem Investments Fund I, for a new term loan of $60 million and amended its financing with PMC Financial Services Group.
The company said the move will support the expansion of its manufacturing capabilities and drive several initiatives to achieve "profitable long-term growth."
Of the total loan proceeds, $8 million will be used to repay the existing PMC financing and the remaining for general corporate purposes.
The company issued 19.99% of its outstanding equity to Emblem as Class C units of its subsidiary, Real Good Food LLC, which are exchangeable into its common shares.
Shares of Real Good Food jumped nearly 69% in after-hours activity.
Price: 0.6248, Change: +0.25, Percent Change: +68.86
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