Marpai Announces Key Financial Agreements; Executes Amendment With AXA Delaying Payment Obligations And Secures $1.7M In Revenue-Based Financing From Libertas Funding, LLC
Portfolio Pulse from Benzinga Newsdesk
Marpai, Inc. (NASDAQ:MRAI) announced two key financial agreements: an amendment with AXA S.A. to delay payment obligations and secure $1.7 million in revenue-based financing from Libertas Funding, LLC. The amendment with AXA reduces the 2024 payment to $473,688 and delays further payments to 2025, with potential payment reduction criteria including maintaining NASDAQ listing. Marpai's CEO, Damien Lamendola, commits to investing $3 million in equity in 2024. The financing from Libertas, which has provided over $2.6 billion to businesses since 2016, will be used for short-term working capital needs.
February 08, 2024 | 9:15 pm
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Marpai, Inc. has secured significant financial agreements with AXA and Libertas Funding, LLC, including an amendment to delay payment obligations and $1.7 million in revenue-based financing.
The amendment with AXA and the financing from Libertas Funding provide Marpai with financial flexibility and support for its growth plans. The CEO's commitment to invest $3 million in equity further demonstrates strong confidence in the company's future, likely positively influencing investor sentiment and potentially the stock price in the short term.
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