PARTS iD Announces New Term Loan Financing
26 Octobre 2022 - 10:30PM
Business Wire
PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “Company”),
the owner and operator of, among other verticals, “CARiD.com,” a
leading digital commerce platform for the automotive aftermarket,
today announced a new $5.5 million senior secured term loan with
JGB Capital, LLP (JGB). The Company also has the ability to obtain,
at JGB’s discretion, an additional $5.5 million of incremental
senior secured debt pursuant to the credit agreement. The Company
intends to use the facility for working capital purposes.
“We are pleased to partner with JGB Capital to strengthen our
balance sheet and help fund our strategic initiatives,” said Nino
Ciappina, CEO of PARTS iD, Inc. “This new capital will assist us in
dealing with short and medium-term liquidity issues which may be
presented in this challenging economic environment.”
The initial term loan matures in October 2025 and bears interest
at an annual rate of 8.00%. The Company has filed a Current Report
on Form 8-K with the Securities and Exchange Commission that
includes additional details about the credit agreement.
About PARTS iD, Inc.
PARTS iD is a technology-driven, digital commerce company
focused on creating custom infrastructure and unique user
experiences within niche markets. Founded in 2008 with a vision of
creating a one-stop eCommerce destination for the automotive parts
and accessories market, we believe that PARTS iD has since become a
market leader and proven brand-builder, fueled by its commitment to
delivering a revolutionary shopping experience; comprehensive,
accurate and varied product offerings; and continued digital
commerce innovation.
Cautionary Note Regarding Forward-Looking Statements
All statements made in this press release relating to future
financial or business performance, conditions, plans, prospects,
trends, or strategies and other such matters, including without
limitation, expected future performance, consumer adoption,
anticipated success of our business model or the potential for long
term profitable growth, are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. In addition, when or if used in this press release, the words
“may,” “could,” “should,” “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict,” “potential,” “confident,”
“look forward,” “optimistic” and similar expressions and their
variants, as they relate to us may identify forward-looking
statements. We operate in a changing environment where new risks
emerge from time to time and it is not possible for us to predict
all risks that may affect us, particularly those associated with
the COVID-19 pandemic and the conflict in Ukraine, which have had
wide-ranging and continually evolving effects. We caution that
these forward-looking statements are subject to numerous
assumptions, risks, and uncertainties, which change over time,
often quickly and in unanticipated ways.
Important factors that may cause actual results to differ
materially from the results discussed in the forward-looking
statements include risks and uncertainties, including without
limitation: the ongoing conflict between Ukraine and Russia has
affected and may continue to affect our business; competition and
our ability to counter competition, including changes to the
algorithms of Google and other search engines and related impacts
on our revenue and advertisement expenses; the impact of health
epidemics, including the COVID-19 pandemic, on our business and the
actions we may take in response thereto; disruptions in the supply
chain and associated impacts on demand, product availability, order
cancellations and cost of goods sold including inflation;
difficulties in managing our international business operations,
particularly in the Ukraine, including with respect to enforcing
the terms of our agreements with our contractors and managing
increasing costs of operations; changes in our strategy, future
operations, financial position, estimated revenues and losses,
product pricing, projected costs, prospects and plans; the outcome
of actual or potential litigation, complaints, product liability
claims, or regulatory proceedings, and the potential adverse
publicity related thereto; the implementation, market acceptance
and success of our business model, expansion plans, opportunities
and initiatives, including the market acceptance of our planned
products and services; developments and projections relating to our
competitors and industry; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; our ability to maintain and
enforce intellectual property rights and ability to maintain
technology leadership; our future capital requirements; our ability
to raise capital and utilize sources of cash; our ability to obtain
funding for our operations; changes in applicable laws or
regulations; the effects of current and future U.S. and foreign
trade policy and tariff actions; disruptions in the marketplace for
online purchases of aftermarket auto parts; costs related to
operating as a public company; and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors.
Further information on the factors and risks that could cause
actual results to differ from any forward-looking statements are
contained in our filings with the United States Securities and
Exchange Commission (SEC), which are available at
https://www.sec.gov (or at https://www.partsidinc.com). The
forward-looking statements represent our estimates as of the date
hereof only, and we specifically disclaim any duty or obligation to
update forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221026005887/en/
Investors: Brendon Frey ICR ir@partsidinc.com
Media: Erin Hadden FischTank PR
partsid@fischtankpr.com
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