Shares of Carbon Revolution Public Limited Company (CREV) soared over 150% on Tuesday morning after the company secured a new $25 million financing agreement with Orion Infrastructure Capital and existing lenders.
CREV is currently trading at $10.00, up $6.11 or 157.07%, on the Nasdaq. The stock opened its trading at $11.27 after closing Monday at $3.89. The stock has traded between $2.00 and $33.99 in the past 52-week period.
Carbon Revolution reached an agreement with Orion Infrastructure Capital for a further $25 million financing, which will be released in five tranches, each equal to $5 million.
In connection with the release of each of the five tranches of $5 million, the company will issue to OIC and the lenders under the $60 million PIUS loan entered into in May 2023.
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