NeoVolta Inc. secured a $20 million senior secured term loan from Horizon Technology Finance Corporation and ROHO Capital Opportunity Fund LLC. The agreement includes an option to increase the total facility by an additional $10 million.
NeoVolta will use the proceeds for working capital and general corporate purposes. The loan is secured by a first-priority lien on substantially all company assets.
The debt carries a 10.00% annual interest rate and matures on March 3, 2028. As part of the deal, NeoVolta issued five-year warrants to the lenders for 1,454,545 shares of common stock at an exercise price of $3.30 per share.