Volcon ePowersports Secures $6M Factoring Agreement With Prestige Capital Finance; Prestige To Pay Volcon 80% Of Company's Eligible U.S. Powersport Dealer Invoice Values Immediately With Max Fee Per Invoice Of ~5%
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Volcon ePowersports has secured a $6M factoring agreement with Prestige Capital Finance. Under this agreement, Prestige will pay Volcon 80% of the company's eligible US powersport dealer invoice values immediately, with a maximum fee per invoice of approximately 5%. The remaining 20% of the invoice amount, less fees, will be paid to the company upon collection by Prestige. The initial availability under this arrangement will be $6 million and can be increased to support future expected increased sales.

October 09, 2023 | 1:07 pm
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Volcon ePowersports has secured a $6M factoring agreement with Prestige Capital Finance. This agreement could provide Volcon with immediate cash flow and support future sales growth.
The factoring agreement provides Volcon with immediate cash flow by allowing them to receive 80% of their invoice values immediately. This could improve their liquidity and support their operations. Additionally, the agreement can be increased to support future sales growth, indicating a positive outlook for the company.
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