AudioEye (AEYE) said Tuesday it secured a $20 million loan facility from Bridge Bank, a division of Western Alliance Bancorporation (WAL).
The facility comprises a $12 million term loan, expected to repay the company's existing 2023 term loan and bolster its cash position, according to AudioEye.
It added that the $3 million revolving line of credit and a $5 million delayed draw term loan are available for potential strategic acquisitions.
The company said the loan facility will mature five years after the closing.
Shares of AudioEye were up 5% in after-hours trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.