Horizon Technology Finance Corporation (HRZN) provides venture lending and growth-capital financing to development-stage and growth companies in technology, life science, healthcare information and services, and sustainability. Its recurring announcements address secured loan facilities, portfolio activity, net investment income and NAV, monthly cash distributions and special distributions, and capital allocation by its board.
Company updates also cover its external management by Horizon Technology Finance Management LLC, affiliation with Monroe Capital, the completed merger with Monroe Capital Corporation, and the HRZN CRFH LLC joint venture focused on growth financing for small- and micro-cap public companies.
Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN) have provided an additional $20 million venture loan to Nexii Building Solutions Inc., a green construction company. This follows previous loans totaling $40 million. The latest funding includes $10 million from Horizon and $5 million from a private investment vehicle managed by Horizon, alongside $5 million from Trinity. Nexii plans to utilize the funds for growth and working capital, including the construction of a U.S. manufacturing facility.
Green construction company Nexii Building Solutions has announced a C$45 million (US$35 million) funding round, led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN). This investment will boost Nexii's growth and manufacturing capabilities to fulfill rising demand for sustainable construction. With this funding, Nexii's valuation exceeds C$2.05 billion. The company's innovative materials and solutions significantly reduce waste and carbon emissions in construction, positioning it as a leader in the industry.
Horizon Technology Finance Corporation (NASDAQ: HRZN) closed a $45 million venture loan facility to Swift Health Systems, Inc. (InBrace) on July 11, 2022. Horizon funded $7 million of the initial $10 million draw. InBrace's Smartwire® technology offers a hidden teeth straightening solution that improves patient experience, eliminating monthly adjustments. The company aims to disrupt the $40 billion orthodontic market and plans to use the loan for growth and working capital. Horizon's objective is to maximize returns through secured loans to venture-backed firms.
Divergent Technologies Inc. announced the closing of a $60 million venture loan facility led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and a $20 million revolving line of credit from Bridge Bank (NYSE: WAL). These new funding sources follow a successful $160 million Series C funding earlier this year. The venture loan will provide additional funding based on milestones, while the line of credit will aid in growth and working capital. Divergent focuses on revolutionizing automotive manufacturing through its innovative Divergent Adaptive Production System (DAPS).
IMV Inc. has successfully accessed the remaining $10 million under its $25 million debt facility with Horizon Technology Finance. This funding follows the milestone achievement of site activation in its Phase 2b AVALON trial for platinum-resistant ovarian cancer. The financing strengthens IMV's balance sheet, enabling continued development of its lead compound targeting Diffuse Large B-Cell Lymphoma (DLBCL) and ovarian cancer. The facility supports ongoing clinical developments and general working capital.
Horizon Technology Finance Corporation (Nasdaq: HRZN) announced the pricing of a public offering of $50 million in notes due June 2027, resulting in net proceeds of approximately $48.25 million. The notes will bear an interest rate of 6.250% per year with the first payment on September 30, 2022, and will be redeemable after June 15, 2024. The offering is set to close on June 15, 2022, with proceeds earmarked for reducing borrowings from KeyBank and general corporate purposes. The company has also provided underwriters an option to purchase an additional $7.5 million in notes.
Soli Organic has launched its USDA-certified organic 'Indolce' basil in over 2,000 stores across the Mid-Atlantic region, including major retailers like Walmart and Whole Foods. The new line promises to be priced nearly a dollar less per ounce than field-grown organic produce. Bolstering its operations, the company secured $50 million in venture debt financing from Horizon Technology Finance and Bridge Bank to enhance its production capacity. This follows a previous $120 million financing arrangement, aiming for 15 indoor farms nationwide to meet rising demand for organic produce.
Horizon Technology Finance Management has announced the addition of six professionals to its operations, legal, and investment teams to support growth driven by over $650 million in assets under management (AUM). This expansion aligns with Horizon's commitment to enhancing service for its portfolio companies and improving returns for investors. The new team members bring extensive experience from various financial and legal backgrounds, positioned across Horizon's offices in Farmington, Connecticut, and Pleasanton, California.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced monthly cash distributions of $0.10 per share for July, August, and September 2022, totaling $0.30 per share. The company has paid $182 million in distributions since its IPO in 2010. The Ex-Dividend Dates for the upcoming distributions are June 16, July 18, and August 17, 2022. Horizon also offers a Dividend Reinvestment Plan (DRIP) for shareholders who prefer automatic reinvestment of their distributions into additional shares.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a 36% year-over-year growth in its investment portfolio, reaching $515 million. The company reported first quarter 2022 net investment income (NII) of $5.7 million, or $0.26 per share, down from $6.0 million a year ago. As of March 31, 2022, HRZN had a net asset value (NAV) of $280 million, or $11.68 per share. With a robust debt portfolio yield of 12.4% and a record committed backlog of $172 million, HRZN is well-positioned for future growth. Monthly distributions of $0.30 per share were declared for July, August, and September.