Genasys Announces $15 Million Two-Year Term Loan Agreement

Core Insights - Genasys Inc. has secured a $15 million two-year senior secured term loan to support working capital and growth in its Software business, particularly for a project in Puerto Rico [1][2] - The loan is backed by the company's assets and features a 2% original issue discount, with interest payable quarterly at a rate of three-month SOFR plus 5% [2] - The company issued approximately 3.1 million five-year warrants to the investor, each convertible into one share of common stock at an exercise price of $2.53 [2] Financial Details - The loan is non-amortizing and is due on May 13, 2026, with the option for Genasys to prepay principal at 101% of par during the first year and at par thereafter [2] - Interest can be paid 50% in cash and 50% in common shares at a higher quarterly interest rate of three-month SOFR plus 6% [2] Company Overview - Genasys Inc. is a leader in Protective Communications Solutions, providing a comprehensive portfolio of software and systems for emergency preparedness and response [4] - The company serves various sectors, including government agencies, education, and critical industries like oil and gas, utilities, and manufacturing [4] - Genasys has a global reach, covering over 70 million people in more than 100 countries, including over 500 U.S. cities, counties, and states [4]