GCL Global (GCL) said Thursday it will issue an initial note amounting to $2.9 million at a purchase price of about $2.6 million under a securities purchase agreement with ATW Partners.
The company said that under the facility, it can require ATW Partners to buy more notes amounting to up to $42.6 million at a purchase price of about $38.3 million.
GCL said it will use the proceeds for general corporate and working capital purposes.
The company's shares fell 8.2% in recent premarket activity Thursday.
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