24SevenOffice has received several questions regarding the convertible loan in the company after the 4th quarter presentation and would like to share an update on the convertible loan. Please note that the terms of the loan remain unchanged from when it was established, this update is for information purposes only.
The convertible loan is from a strategic US investor,
The sole financial covenant is that the Group at all times shall maintain a minimum of unrestricted cash (and cash equivalents) in an amount of at least 10 MSEK.
The conversion price is
The loan has primarily been allocated to developing new technology, new modules, and expansion into new markets. The revenue from these new initiatives amounts to more than 45 MSEK in ARR building a solid foundation for 24SevenOffice´s profitable growth strategy.
With a maturity date of the convertible loan of approximately 4 years from now the Company intends to repay the loan based on the free cash flow from the profitable growth strategy as communicated in the Q4 report for 2023.
For further information please contact:
Tel: +47 247 00 030, eas@24sevenoffice.com
About 24SevenOffice
24SevenOffice's vision is to empower businesses for the future by delivering first-class business systems based on cloud technology. The business system is modular, with modules offered separately or as complete solutions. For more information, see www.24sevenoffice.com.
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