Carbon Revolution (CREV) said late Monday that it reached an agreement under which Orion Infrastructure Capital will provide an additional $25 million in financing to be disbursed in five equal tranches.
In connection with the deal, the company will issue to Orion and the lenders under a $60 million loan entered into in May 2023 penny warrants to purchase shares equivalent to 5% of its shares.
The first of these five funding tranches closed on Friday.
The incremental $25 million of capital, among other things, is intended to support ongoing liquidity and fund demand from Carbon Revolution's customers, who are original equipment manufacturers.
Shares of the company doubled in after-hours activity Monday.
Price: 7.95, Change: +4.06, Percent Change: +104.37
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