探花视频app Secures $5 Million Line of Credit from Major Shareholder

探花视频app

NEW YORK, Nov. 05, 2018 (GLOBE NEWSWIRE) -- 探花视频app, 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 探花视频app, 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 探花视频app 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 探花视频app, Inc.:

探花视频app, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

Company Contact:

探花视频app, Inc.
Michael Mathews, CEO
914-906-9159

Released November 5, 2018