War Chest May Be As High As $62.6M Quipt had $32M US still available after the Great Elm Acquisition!
Another way to look at Quipt's cash and credit position.
Total cash and credit available before Great Elm purchase on December 31, 2022. $105.6M.
($3.7M Cash, $16.9M LOC, $85M Term Loan)
Great Elm Acquisition $80M ($73M Credit Facility, $5M assumed debt and approximately $2M in shares). So only used $73M credit facility.
Total cash and credit before acquisition $105.6M - $73M Term Loan leaves remaining cash and credit of approximately $32.6 M before the latest financing. So let's add the $40M they just raised in Canadian dollars to that number or converted to $30M in US currency. We get 32.6M available previously + 30M from the new financing for a total of $62.6M US currency available in their War Chest for new acquisitions!
Put that in your pipe and smoke it!
"Balance Sheet Highlights. At 12/31, cash totaled $3.7M, and credit availability of $101.9M ($16.9M on LOC and $85.0M on a delayed draw term loan). In January, Quipt utilized $73M of its credit facility to acquire Great Elm. (Total price of $80M included $5M in assumed debt and 431,995 QIPT shares at $4.63/share. (approx 2M)"
Look forward to the Q2 financials and the soon coming new acquisitions!