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Itaconix PLC - New Loan Funding

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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Itaconix PLC

Price: 1.2211

Market: LSE
Market Cap: £5.28 m
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