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GetSwift to receive up to $45 Mn commitment amount from LDA Capital

GetSwift to receive up to $45 Mn commitment amount from LDA Capital
GetSwift to receive up to $45 Mn commitment amount from LDA Capital

Leading SaaS logistics technology provider GetSwift Limited has reportedly inked a put option agreement with US-based alternative investment firm LDA Capital LLC. Under the terms of the agreement, LDA Capital will provide the company with committed equity capital of up to $45 million over the next three years. This capital will be used, as required, by GetSwift to boost growth and safeguard themselves against emerging global conditions, such as the recent Coronavirus outbreak.

GetSwift can access the capital by exercising put options under the terms of the agreement at the company’s election with up to $45 million aggregate subscription amount. This enables the company to draw down funds over the 36-month agreement tenure, through the issuance of ordinary shares of GetSwift to LDA Capital for subscription. GetSwift will require approval from shareholders and regulatory authorities prior to the issue of any shares.

GetSwift has also agreed to issue LDA Capital with unlisted options up to 3,959,550, proportional to the subscription amount provided by LDA Capital under agreement terms.

Bane Hunter, CEO of GetSwift, has expressed his gratitude towards LDA Capital for the confidence shown by the sophisticated investment funds in the company’s market position as well as its commercial viability, executive team and product. He further stated that GetSwift has a clear vision of the direction it intends to take as a company, with this capital aiding further growth, shareholder value returns as well as a leading position in last mile sectors in fluid conditions.

Managing Director of LDA Capital, Anthony Romano also commented on the alliance, stating that LDA is delighted at the opportunity to contribute towards the organic growth of GetSwift’s core business units as well as their opportunistic exploration of value accretive M&A. He further stressed on LDA’s full support of the GetSwift team in this endeavor, and also expressed his admiration of the company’s workforce management technology, high caliber management staff, top-class logistics as well as its remarkable revenue growth over the past three years.

Source Credit: https://apnews.com/Business%20Wire/22c2de7438ad4a93a03e14b2b26da2b4