The Real Good Food Company Announces Amendment to Existing Credit Facility to Enhance Liquidity by up to $20 Million
The Real Good Food Company (NASDAQ: RGF) announced a favorable amendment to its loan agreement, enhancing liquidity by up to $20 million. This includes an additional borrowing capacity of $10 million beyond the existing asset base and increased advance rates on finished goods and raw materials. Executive Chairman Bryan Freeman emphasized that this reflects the lender's confidence in the company's growth prospects and provides access to non-dilutive capital for long-term value creation. Real Good Foods specializes in health-focused frozen foods, with over 16,000 store locations nationwide.
- Enhancement of liquidity position by up to $20 million.
- Access to an additional $10 million in borrowing capacity.
- Increased advance rates on finished goods and raw materials.
- None.
Favorable Amendment Allows for Borrowing an Additional
CHERRY HILL N.J., March 01, 2023 (GLOBE NEWSWIRE) -- The Real Good Food Company Inc. (NASDAQ: RGF) (“Real Good Foods” or the “Company”), a leading health and wellness frozen foods company, today announced the amendment of its loan and security agreement (“existing credit facility”) with its lender, which is expected to enhance the Company’s liquidity position by up to
“Our lender has been a strategic partner of ours, having funded our strong growth since inception,” said Bryan Freeman, Executive Chairman of The Real Good Food Company. “This favorable new amendment illustrates their continued confidence in our growth prospects. The optionality and enhanced liquidity from our credit facility provides us with access to non-dilutive capital that will help us to drive sustainable value creation for our shareholders over the long-term.”
The amendment (i) allows for borrowing an additional
About The Real Good Food Company
Real Good Foods (NASDAQ: RGF) is a leading health and wellness frozen foods company, providing a better way to enjoy your favorite foods. The Company’s mission is to provide “Real Food You Feel Good About Eating”, making delicious, nutritious foods that are low in sugar, low in carbohydrates and high in protein. The Real Good Foods family of products includes breakfast, lunch, dinner, and snacks – available in over 16,000 stores nationwide with additional direct-to-consumer options.
To learn more, please visit our website at realgoodfoods.com or join us on social media @realgoodfoods – where we maintain some of the largest followings in the frozen food industry today.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding its projected financial results, including net sales, adjusted gross margin, and adjusted EBITDA and its ability to increase production at its new facility, improve profitability and meet its long-term growth objectives. The Company has attempted to identify forward-looking statements by using words such as "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions.
Forward-looking statements represent management's current expectations and predictions about trends affecting the Company’s business and industry and are based on information available as of the time such statements are made. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, it cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause its actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2021. In addition, readers are cautioned that the Company may make future changes to its business and operations in response to the impacts of the COVID-19 pandemic, supply chain disruptions and macroeconomic challenges, or in response to other business developments, which changes may be inconsistent with the Company’s prior forward-looking statements, and which may not be disclosed in future public announcements.
Investor Relations Contact
Akshay Jagdale
(856) 955-1453
ir@realgoodfoods.com
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