Mace Security International, Inc. announced that has extended the maturity date of its bank credit agreement to July 29, 2023 from May 30, 2023. In conjunction with the extension, the credit facility was reduced to $1.5 million from $3.0 million, and the interest rate was changed to SOFR plus 4% from SOFR plus 2.5%. The bank also waived the minimum cumulative EBITDA covenant as of March 31, 2023 of $300,000 and failure by the Company to deliver its 2022 year end audited financial statements within 120 days of year end.

The agreement provides the Company additional time to close a replacement credit facility, which it is diligently pursuing.