Urgently Inc. secures short-term extensions on term loans to enhance capital structure through negotiations with lenders.
Quiver AI Summary
Urgently Inc., a leading provider of digital roadside and mobility assistance services, announced a short-term extension of its term loan agreements with its lenders as it works to improve its capital structure. The company has extended the maturity date of its first lien loans to February 15, 2025, and its second lien loans to March 17, 2025. CFO Tim Huffmyer expressed satisfaction with these extensions, stating they align with the company's goals of reducing debt. Urgently aims to enhance mobility safety through innovative technology solutions in roadside assistance, catering to various sectors including automotive and insurance. For further information, Urgently directed inquiries to designated media and investor relations contacts.
Potential Positives
- Urgently has successfully negotiated short-term extensions on the maturity dates of its term loans, providing additional time to improve its capital structure.
- The agreement with lenders demonstrates Urgently's proactive approach to managing its debt situation, which may enhance investor confidence.
- These extensions align with the company's goals of reducing debt and improving financial stability, which could lead to more favorable future financing conditions.
Potential Negatives
- The announcement of short-term extensions on loan agreements suggests ongoing difficulties in managing debt, which may raise concerns about the company's financial stability.
- Continued reliance on short-term extensions indicates a lack of long-term solutions for capital structure improvements, potentially undermining investor confidence.
- The need to refinance existing debt facilities may suggest previous financial mismanagement or an inability to generate sufficient cash flow, raising questions about the company's operational effectiveness.
FAQ
What recent agreement did Urgently Inc. reach with its lenders?
Urgently reached a short-term extension agreement for its term loans, extending maturity dates to February 15 and March 17, 2025.
How does this agreement impact Urgently's capital structure?
The agreement supports Urgently in reducing debt and improving capital structure while discussions for refinancing continue with lenders.
What services does Urgently provide?
Urgently provides digital roadside assistance and mobility services, using technology to improve user experience and safety for drivers.
Who can be contacted for press inquiries regarding Urgently?
Media inquiries can be directed to media@geturgently.com for more information about Urgently's services and updates.
Where can more information about Urgently be found?
Additional information about Urgently, including services and corporate updates, is available on their website at www.geturgently.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ULY Insider Trading Activity
$ULY insiders have traded $ULY stock on the open market 31 times in the past 6 months. Of those trades, 0 have been purchases and 31 have been sales.
Here’s a breakdown of recent trading of $ULY stock by insiders over the last 6 months:
- VOLKOW BEN has made 0 purchases and 30 sales selling 162,468 shares for an estimated $103,424.
- ALEXANDRE ZYNGIER sold 20,000 shares for an estimated $9,360
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ULY Hedge Fund Activity
We have seen 8 institutional investors add shares of $ULY stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACK MAPLE CAPITAL MANAGEMENT LP removed 122,965 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $83,603
- B. RILEY FINANCIAL, INC. removed 83,197 shares (-20.0%) from their portfolio in Q3 2024, for an estimated $56,565
- GEODE CAPITAL MANAGEMENT, LLC added 50,528 shares (+84.5%) to their portfolio in Q3 2024, for an estimated $34,353
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 48,491 shares (+inf%) to their portfolio in Q3 2024, for an estimated $32,969
- BANK HAPOALIM BM removed 14,891 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $7,594
- ROYAL BANK OF CANADA removed 7,579 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $5,152
- HIGHTOWER ADVISORS, LLC added 5,000 shares (+43.4%) to their portfolio in Q3 2024, for an estimated $3,399
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
VIENNA, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Urgent.ly Inc. (Nasdaq:
ULY
) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders on a short-term extension to its term loan agreements while it continues to work on overall capital structure improvements. Urgently has agreed with its first lien lenders, among other things, to a short-term extension of the maturity date of such term loans until February 15, 2025. Urgently has agreed with its second lien lenders, among other things, to a short-term extension of its second lien term loans until March 17, 2025.
“We are pleased to have announced the short-term extensions of the maturity dates of our debt facilities as we finalize discussions with our lenders to refinance our existing debt facilities,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The short-term extensions are consistent with our goals of reducing our debt and improving our capital structure.”
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit
www.geturgently.com
.
For media and investment inquiries, please contact:
Press:
media@geturgently.com
Investor Relations:
investorrelations@geturgently.com
Forward-Looking Statements
This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding the Company’s intentions to reduce its debt and improve its capital structure, and statements regarding the Company’s ability to refinance its existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
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