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19 May 2020 07:00
19 May 2020
Itaconix plc ("Itaconix" or the "Company")
New Funding from COVID-19 Relief Loan Program
Itaconix (LSE:ITX) (OTCQB:ITXXF) announces that it has received $0.2 million in new funding from a loan under the US Small Business Administration's Paycheck Protection Program.
The Company received the maximum amount allowed under the program based on its payroll and may qualify for partial forgiveness under the terms of the loan if certain payroll conditions are met. If these conditions are not met or the Board chooses not to seek forgiveness, the loan is repayable in equal instalments over eighteen months commencing in December 2020.
Further details on the loan program are available at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
John R. Shaw, CEO of Itaconix, stated: "As we continue to experience increasing demand for our detergent polymers, this funding will assist us with staffing levels to support growth in customer volumes. I am pleased that Itaconix can help working families and contribute to the US Small Business Administration's efforts to maintain employment during the current pandemic."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Ends
For further information please contact:
Itaconix | +1 (603) 775 4400
|
John R. Shaw / Laura Denner | |
N+1 Singer | +44 (0) 207 496 3000 |
Peter Steel / James Moat (Corporate Finance) Tom Salvesen (Corporate Broking) |
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based functional ingredients for improving the safety and performance of homecare, personal care, and industrial products. Its proprietary polymer technology generates a growing range of new ingredients with unique functionality that meet consumer demands for value and sustainability.
www.itaconix.com
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