Genasys (NASDAQ: GNSS), the leader in protective communications solutions, recently closed a $15 million two-year senior secured term loan with an institutional investor. The institutional investor is experienced in government contracts and specifically conducting business in Puerto Rico and with Genasys’ customer there, PREPA. The announcement noted that proceeds from the financing will be used for working capital and other general corporate purposes, enabling continuing growth of the company’s software business as well as facilitating delivery against the previously announced project award in Puerto Rico. Secured by substantially all of the company’s assets, the loan is non-amortizing and is due May 13, 2026. In addition, Genasys issued approximately 3.1 million five-year warrants to the investor, each exchangeable for one share of common stock at an exercise price of $2.53, subject to adjustment.
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About Genasys Inc.
Genasys is the global leader in protective communications solutions and systems, designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters(TM).” The company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices (“LRAD(R)”) that deliver directed, audible voice messages with intelligible vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (“SLED”); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Today Genasys protects over 70 million people globally and is used in more than 100 countries, including more than 500 cities, counties and states in the U.S. For more information about the company, please visit www.Genasys.com.
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