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AudioEye Announces New Commercial Bank Loan Facility
AudioEye, Inc. (Nasdaq: AEYE) ("AudioEye" or the "Company"), the industry-leading digital accessibility company, today announced a new $20 million loan facility with Bridge Bank, a division of Western Alliance Bank, Member FDIC (NYSE: WAL), a financial institution with over $80 billion of assets.
About this update from Audioeye, Inc.
[{"type":"text","content":"Facility materially reduces interest rate with added flexibility ","length":64,"tagName":"p","attribs":{}},{"type":"text","content":"TUCSON, Ariz., April 1, 2025 /PRNewswire/ -- AudioEye, Inc. (Nasdaq: AEYE) ("AudioEye" or the "Company"), the industry-leading digital accessibility company, today announced a new $20 million loan facility with Bridge Bank, a division of Western Alliance Bank, Member FDIC (NYSE: WAL), a financial institution with over $80 billion of assets.","length":362,"tagName":"p"},{"type":"image","alt":"AudioEye, Inc. (PRNewsfoto/AudioEye, Inc.)","displaySize":"","headline":null,"caption":"AudioEye, Inc. (PRNewsfoto/AudioEye, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":78,"url":"https://media.zenfs.com/en/prnewswire.com/dad675466fb72ef05762e13477dfe2d4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/xUh1b1HZQII2YE7Df6u1ow--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTEzNztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/dad675466fb72ef05762e13477dfe2d4","width":400,"height":78}},"href":"https://mma.prnewswire.com/media/1470477/AudioEye_v3_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The new facility comprises a $12 million term loan, a $3 million revolver, and a $5 million delayed draw term loan for potential "tuck in" acquisitions. The rate of the new facility represents a significant reduction on the existing facility. The new facility will mature on the fifth anniversary of the facility's closing. The initial $12 million term loan will fully repay AudioEye's existing term loan, dated November 30, 2023, and further strengthen the Company's cash position. The revolver and delayed draw term loan feature the same interest rate as the term loan and remain available for further strategic opportunities.","length":650,"tagName":"p"},{"type":"text","content":""Over the last few quarters, our operating leverage has become clear with material improvements in our credit profile. We expect further improvements in operating leverage this year, with adjusted EBITDA expected to increase by 42% year-over-year using the mid-point of the guidance previously issued. The new facility features a reduction of interest rate of approximately 6.5% and added flexibility for strategic opportunities," said Kel...