Mixed Martial Arts Group Limited (NYSE: MMA) began trading Friday sharply higher. The company, boasting a status as a pioneering technology company seeking to aggregate and drive participation in combat sports, today announced that it entered into a non-dilutive and unsecured $2,000,000 Revolving Loan Agreement dated April 7. The Revolving Loan accrues interest at a rate of 14% per annum and matures 12 months from issuance.
As part of the financing, Hugh Williams and Jonathan Hart resigned as directors of the Company, and Richard Paolone, Eric Corbett and Angel Liriano were appointed as directors of the Company.
CEO Nick Langton commented on the developments, stating, “Securing this financing is a significant achievement for MMA, reinforcing our balance sheet and providing the working capital needed to support our operations. I’m thrilled to welcome Richard, Eric, and Angel to our Board. Their diverse experience and strong leadership will bring fresh perspectives and valuable guidance as we continue to advance our community offerings within the sector and unlock value for our shareholders.
MMA shares skyrockets $1.94, or 242.6%, to $2.71.