Solar Integrated Roofing Corp (OTCMKTS:SIRC) Stock Gains After Financing News

This morning many investors are going to be looking into those stocks which made significant moves yesterday and one of those that could fit the bill is the Solar Integrated Roofing Corp (OTCMKTS:SIRC) stock.

Market Action

On Wednesday, SIRC stock soared 13.22% to $0.0394 with more than 27.34 million shares, compared to volume of 4.84 million shares. The stock moved within a range of $0.0372 – 0.0542 after opening trade at $0.0482.

Solar Integrated Roofing Corp. Secures $25.0 Million Term Note to Finance Growth

The stock had been in significant focus yesterday following a key announcement yesterday and had ended up with gains of as much as 13% amidst significant interest. The company, which is involved in providing EV charging systems, single source solar power solutions and roofing, announced yesterday that it has managed to bag a drawdown term note worth as much as $25 million from an institutional investor.

As per the provisions of the agreement, the note is going to carry a principal amount of $25 million but at the same time there is going to be interest rate of 6%.

However, Solar Integrated Roofing did get an original issue discount of 5% from the institutional investors. If there is no default from the company then the term note is going to be turned into equity and the price for that was fixed at $4 a share. The price is going to remain fixed regardless of the price of the share at any given point.

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