The thirteenth labour of Hercules; save OCZ
Subject: General Tech | March 14, 2013 - 05:37 PM | Jeremy Hellstrom
Tagged: ocz, Hercules Technology Growth Capital
OCZ has just received $30 million and a new credit line from Hercules Technology Growth Capital, separating their future from Wells Fargo who have been displaying a distinct lack of faith in OCZ. The April 8th deadline for OCZ to file reports on their last two quarters still stands and Hercules has tied that submission into the loans being offered by requiring up to date SEC filings from OCZ. Hercules has a warrant to purchase 688,073 OCZ shares at $2.18 a piece which is $0.08 more than market worth and demonstrates that Hercules has some faith in OCZ's ability to remain viable. Check out the full terms and conditions at The Register.
"Obtaining this new credit facility is the first step in providing OCZ with a complete capital structure going forward. This capital will be used to strengthen the business, fund future growth, and support emerging enterprise opportunities."
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