Itaconix PLC New Loan Funding (2632N)
19 Maggio 2020 - 8:00AM
UK Regulatory
TIDMITX
RNS Number : 2632N
Itaconix PLC
19 May 2020
19 May 2020
Itaconix plc ("Itaconix" or the "Company")
New Funding from COVID-19 Relief Loan Program
Itaconix (LSE:ITX) (OTCQB:ITXXF) announces that it has received
$0.2 million in new funding from a loan under the US Small Business
Administration's Paycheck Protection Program.
The Company received the maximum amount allowed under the
program based on its payroll and may qualify for partial
forgiveness under the terms of the loan if certain payroll
conditions are met. If these conditions are not met or the Board
chooses not to seek forgiveness, the loan is repayable in equal
instalments over eighteen months commencing in December 2020.
Further details on the loan program are available at
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
John R. Shaw, CEO of Itaconix, stated: "As we continue to
experience increasing demand for our detergent polymers, this
funding will assist us with staffing levels to support growth in
customer volumes. I am pleased that Itaconix can help working
families and contribute to the US Small Business Administration's
efforts to maintain employment during the current pandemic."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based
functional ingredients for improving the safety and performance of
homecare, personal care, and industrial products. Its proprietary
polymer technology generates a growing range of new ingredients
with unique functionality that meet consumer demands for value and
sustainability.
www.itaconix.com
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END
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