Novra Technologi Stock Price, News & Analysis

Novra Technologies (TSXV: NVI) has announced an extension of its Convertible Loan Agreement with SNAPS Holding Company until July 31, 2025. The loan agreement, worth CAN $12.258 million, carries a 1% annual interest rate for two years and can be converted to common shares at CAD $0.34 per share. SNAPS has faced delays in its commercial real estate divestiture plan due to geopolitical factors and market uncertainties but remains committed to the agreement.

SNAPS expects to receive initial funding in early to mid-May 2025, with the first tranche scheduled for disbursement to Novra by May 15th. Additional tranches are planned for May, June, and July. Currently, Novra's Directors and Officers are under a trading blackout until further notice.

Novra Technologies (TSXV: NVI) has provided additional details about its previously announced $12.258 million Convertible Loan Agreement with SNAPS Holding Company. The two-year loan bears 1% annual interest and is convertible to common shares at $0.34 per share. The closing date has been extended to March 31, 2025 due to delays in SNAPS' asset divestiture process, affected by US and global credit market slowdowns.

The loan requires TSX Venture Exchange and shareholder approvals, which are pending. The agreement restricts Novra from issuing additional shares before June 30, 2025 without lender approval. SNAPS views Novra as a strategic asset for its global market reach and technology expertise. CEO Harris Liontas has committed to lead Novra for at least 2 years as CEO and up to 5 years as director post-loan closure.

Novra Technologies (TSXV: NVI) reports strong Q4 2024 orders totaling over $2.3 million, nearly matching the combined bookings from Q1-Q3 2024. The company secured major orders across multiple product lines, including a significant contract for a European nationwide broadcast radio network using IDC's MAP Pro Audio receivers. Additional orders include digital signage equipment for a health video network and an international bank, plus IP Encapsulators for a US weather data service. While many expected orders from 2024 were delayed due to market uncertainties, the company sees these Q4 orders as a positive shift after a challenging year.

Novra Technologies Inc. (TSXV: NVI) has secured a $12.258 million convertible loan agreement with a US-based private investment group. The loan has a two-year term with a 1.0% annual interest rate. The lender can convert the loan to Novra common shares at $0.34 per share, which is over eight times the previous closing price of $0.04. If fully converted, this would result in 36,053,000 new common shares. Novra plans to use the funds to pay off liabilities and for working capital, focusing on R&D, product enhancement, and expansion into new markets. The agreement is subject to TSX Venture Exchange approval and may require shareholder approval.

Novra Technologies Inc. (TSXV: NVI) announced changes following the retirement of Peter J. Wintemute from its Board of Directors. Wintemute served as Director, Chair, and audit committee chair from June 20, 2003, until August 22, 2024. In response, the Board elected Harris Liontas as its new Chair. Additionally, Dr. Moe Barakat was appointed as a new Director effective September 1, 2024.

Dr. Barakat, an accomplished entrepreneur and business leader in wireless communication and information systems, brings extensive experience to Novra's Board. He previously held positions with Novra as its first President & CEO (2000-2001) and as a Director (2000-2006). The company expects his expertise to contribute significantly to their strategy of meeting customers' emerging needs through innovation and superior service.

Novra Technologies and its subsidiary, International Datacasting (IDC), announced an order from Radio Renascença in Portugal to upgrade its network with IDC's latest MAP Pro Audio receivers. These advanced receivers feature new efficient codecs, Livewire AoIP distribution, backward compatibility, MISTiQ cloud distribution, and enhanced cybersecurity. The upgrade aims to improve audio quality and broadcasting efficiency. This continued partnership, with support from regional partner Aicox Soluções, highlights the strong relationship between IDC and Radio Renascença, a customer for over a decade.

Novra Technologies Inc. (TSXV: NVI) released its financial results for the year ended December 31, 2023, showcasing a return to net income profitability after a slow start. The company reported a $136 thousand net income, a $610 thousand improvement from 2022, with Adjusted EBITDA of $845 thousand. Novra strategically reduced operating expenses while maintaining product quality and service excellence, leading to a strong cash position at the end of the period. The company is focusing on transitioning hardware products into software and services to ensure revenue stability and growth.