ADS-TEC Energy (ADSE) said Thursday that it has secured up to $50 million in capital from an offering of $50 million senior secured convertible notes due 2028 to institutional investors.
The offering was fully subscribed and is expected to close on May 1, said the company.
ADS-TEC said the proceeds will be disbursed in two tranches, with $15 million to be immediately available and $35 million to be available upon the arrangement of a controlled account. According to the company, the funds will be used for its expansion across Europe and North America.
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