GCL Secures $2.9mln Convertible Note Financing from ATW Partners

GCL Global Holdings has secured a USD $2.9 million senior unsecured convertible note financing with ATW Partners. The facility has a maximum of $45.5 million and the proceeds will be used for general corporate and working capital purposes. The financing will enable GCL to accelerate its strategic growth initiatives and invest in additional gaming innovations.

GCL Global Holdings (NASDAQ: GCL) has secured a $2.9 million senior unsecured convertible note financing from ATW Partners. The agreement includes an initial note of $2.9 million at a purchase price of $2.61 million, with the potential for an additional facility of up to $45.5 million and notes worth up to $42.6 million subject to certain conditions [1]. The notes have a three-year term and carry a 6% annual interest rate, payable monthly in cash or company shares. The funds will be allocated for general corporate and working capital purposes.

The financing is seen as a vote of confidence in GCL's strategy and potential for growth, according to CEO Sebastian Toke. "This financing will provide us the capital to accelerate our strategic growth initiatives and invest in additional gaming innovations," he said. "Importantly, it will allow us to scale our operations without compromising our long-term financial health."

GCL, a leading provider of games and entertainment, is focused on the rapidly expanding Asian gaming market. The company leverages its diverse portfolio of digital and physical content to introduce Asian-developed IP to a global audience across consoles, PCs, and streaming platforms [1].

References:

[1] https://www.stocktitan.net/news/GCL/gcl-secures-usd-2-9-million-senior-unsecured-convertible-note-xbu4newtmcy1.html