Loop Media Accesses Capital And Reduces Prior Existing Debt
Portfolio Pulse from Benzinga Newsdesk
Loop Media, Inc. (NYSE: LPTV) has improved its balance sheet by accessing approximately $4.0 million in additional capital and converting $2.3 million of existing long-term debt into equity. The capital increase comes from the exercise of warrants and a new revolving debt facility with Excel Family Partners, LLLP. The transactions involve related parties, including Excel, managed by Loop's Chairman Bruce Cassidy, Sr., and board member Denise Penz. The company plans to use the funds to support its FY24 business plan, focusing on growing its distribution footprint and revenues.
December 18, 2023 | 9:18 pm
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Loop Media, Inc. has strengthened its financial position by securing additional capital and reducing debt, which could positively influence investor confidence and potentially lead to an increase in stock price in the short term.
The company's actions to improve its balance sheet by increasing capital and converting debt into equity are generally viewed positively by investors, as they can lead to improved financial stability and support for growth initiatives. This can create a favorable outlook for the stock in the short term, although market conditions and broader economic factors will also play a role in the stock's performance.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100