Mace Security International, Inc. announced that has extended the maturity date of its bank credit agreement to September 30, 2023 from July 31, 2023. In conjunction with the extension, the credit facility will be reduced to $1.25 million from $1.5 million on and after September 1, 2023, and the interest rate was changed to SOFR plus 6% from SOFR plus 4%. Under the extension the Company is required to reimburse the bank's legal, accounting, consulting, and audit fees incurred in connection with the extension of approximately $20,000.

The extension fee of $50,000 will be waived if the bank line of credit is repaid in full by the Company on or before September 30, 2023. The agreement provides the Company additional time to close a replacement credit facility, which it is diligently pursuing.