果冻APP传媒 Group Secures $5 Million Line of Credit from Major Shareholder

果冻APP传媒

NEW YORK, Nov. 05, 2018 (GLOBE NEWSWIRE) -- 果冻APP传媒 Group, Inc. (Nasdaq: ASPU), an education technology holding company, today announced that it has closed a $5 million, three year senior unsecured revolving credit facility from one of its largest shareholders, Leon Cooperman.聽 The purpose of the facility is to provide additional funding cushion for the Company, if needed.聽 No funds were initially drawn and no draws are anticipated for the foreseeable future given the Company鈥檚 current and expected cash position as well as the projected Company鈥檚 performance.

Michael Mathews, Chairman & CEO of 果冻APP传媒 Group, commented, 鈥淭he purpose of this facility is to allow the company to continue to execute on its exciting growth plans without having to go back to the equity markets for the forseeable future. Many thanks to Mr. Cooperman for his continued support of 果冻APP传媒 Group and our vision of making college affordable again.鈥�

Terms of the line of credit include a 12% per annum interest rate on drawn funds and a 2% per annum commitment fee on the remaining undrawn funds.聽 The facility matures in November 2021.聽 The Company paid a 2% origination fee and issued 92,049 five year warrants at an exercise price of $5.85.

About 果冻APP传媒 Group, Inc.:

果冻APP传媒 Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, 果冻APP传媒 University and United States University, to deliver on the vision of making college affordable again.

Company Contact:

果冻APP传媒 Group, Inc.
Michael Mathews, CEO
914-906-9159

Released November 5, 2018