Rail Vision (RVSN) Secures $6M Credit Facility
Summary
Rail Vision Ltd. (the \xe2\x80\x9cCompany\xe2\x80\x9d) (Nasdaq: RVSN), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced the establishment of a $6 million credit facility (the "Credit Facility") and an additional amount of up to $3 million, subject to certain conditions (the \xe2\x80\x9cAdditional Loans\xe2\x80\x9d), with a global investment firm (the \xe2\x80\x9cLender\xe2\x80\x9d). "The successful completion of this financing marks a significant milestone in our ongoing efforts to enhance our capital structure," said Shahar Hania, CEO of Rail Vision. "The facility strengthens our financial position and improves our ability to accelerate the development and commercialization of cutting-edge solutions in railway safety. "The Credit Facility, which has a term of 10 months, will accrue interest at a rate of 8% per annum, and the first payment of $1.5 million was drawn down upon execution of the agreement. As part of the agreement, the Company granted a warrant to the Lender to purchase ordinary shares of the Company representing an aggregate exercise amount of $7.5 million with an initial exercise price of $3.10, subject to certain adjustments, representing a 150% premium of the closing share price of Rail Vision on January 5, 2024.As a condition to the Credit Facility, each of Shmuel Donnerstein, Inbal Kreiss and Keren Aslan have tendered their resignations from the Company\xe2\x80\x99s board of directors (the \xe2\x80\x9cBoard\xe2\x80\x9d), and the Board has appointed Amitay Weiss and Hila Kiron-Revach to the Board, to serve until the Company\xe2\x80\x99s next general meeting of shareholders.
Funding
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