By Dean Seal
Shares of Carbon Revolution surged after the company secured $25 million in new financing from Orion Infrastructure Capital and existing lenders.
The stock was up 53% at $5.97 in premarket trading. Shares had fallen 83% year-to-date when the market closed Monday.
The manufacturer of carbon fiber car wheels said Monday evening that the financing agreement calls for the release of five $5 million tranches in exchange for penny warrants to buy up to 5% of the company's outstanding shares. The first of the five tranches closed last Friday.
The capital is intended to support the company's liquidity and satisfy demand from automaking customers, Carbon Revolution said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 24, 2024 07:45 ET (12:45 GMT)
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