Urgently Announces Capital Structure Improvements and Secures up to $20 Million in New Financing

Core Insights - Urgently Inc. has reached an agreement with lenders to improve its capital structure, including a new credit facility of up to $20 million to support business growth initiatives [1][2] - The new credit facility will be utilized to repay existing debt and advance Urgently's mission to transform the roadside assistance market and develop connected mobility assistance services [1][2] - The support from financial partners indicates confidence in Urgently's business model and growth potential [3] Financial Structure Improvements - Urgently has entered into a new asset-based revolving credit facility for up to$20 million with MidCap Financial [1] - Certain funds managed by Highbridge Capital Management, Onex Credit, and Whitebox Advisors have agreed to forego certain fees in exchange for 1,358,073 shares of Urgently's common stock and an extension of second lien term loans until July 31, 2026 [2][3] Business Strategy and Market Position - Urgently aims to transform the legacy roadside assistance market and develop new connected mobility assistance services on a global scale [2] - The company utilizes technology to enhance the consumer roadside experience, indicating a strong focus on innovation and customer satisfaction [2][3] - Urgently's digital platform combines location-based services, real-time data, AI, and machine-to-machine communication to deliver exceptional user experiences [4]