Boxlight Receives $1.0 Million Loan Under the Paycheck Protection Act
May 26 2020 - 3:00PM
Business Wire
Boxlight Corporation (Nasdaq: BOXL), a leading provider of
interactive technology solutions for the global education market,
today announced it has received loan proceeds of $1,008,575 (“PPP
Loan”) under the Paycheck Protection Program (“PPP”). The PPP,
established as part of the Coronavirus Aid, Relief and Economic
Security Act (“CARES Act”), provides for loans to qualifying
businesses for amounts up to 2.5 times the average monthly payroll
expenses of the qualifying business, calculated as provided under
the PPP. The PPP provides a mechanism for forgiveness of up to the
full amount borrowed after eight weeks as long as the borrower uses
the loan proceeds during the eight-week period after the loan
origination for eligible purposes, including payroll costs, certain
benefits costs, rent and utilities costs or other permitted
purposes, subject to certain other requirements and
limitations.
The PPP Loan is evidenced by a promissory note (the “Note”)
given by the Company as borrower to Truist Bank, as the lender. The
interest rate on the Note is 1.0% per annum. Payments of principal
and interest are deferred for seven months from the date of the
Note (the “Deferral Period”). Any unforgiven portion of the PPP
Loan is payable over the two-year term, with payments deferred
during the Deferral Period. The Company is permitted to prepay the
Note at any time without payment of any premium.
About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”) is a leading
provider of technology solutions for the global learning market.
The company aims to improve learning and engagement in classrooms
and to help educators enhance student outcomes, by developing the
products they need. The company develops, sells, and services its
integrated, interactive solution suite including software,
classroom technologies, professional development and support
services. For more information about the Boxlight story, visit
http://www.boxlight.com.
Forward Looking Statements
This press release may contain information about Boxlight’s view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements because of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
maintain and grow its business, variability of operating results,
its development and introduction of new products and services,
marketing and other business development initiatives, competition
in the industry, etc. Boxlight encourages you to review other
factors that may affect its future results in Boxlight’s filings
with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200526005764/en/
Media Sunshine Nance +1 360-464-2119 x254
sunshine.nance@boxlight.com
Investor Relations Michael Pope +1 360-464-4478
michael.pope@boxlight.com
Boxlight (NASDAQ:BOXL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Boxlight (NASDAQ:BOXL)
Historical Stock Chart
From Apr 2023 to Apr 2024