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RiceBran Technologies ( (RIBT) ) has issued an announcement.
Facing financial difficulties, the Company secured a promissory note from Funicular Funds for up to $1.1 million, backed by subsidiaries Golden Ridge and MGI Grain, with a high-interest rate and stringent conditions limiting their financial operations. Unfortunately, due to ongoing liquidity issues, the Company defaulted on its obligations, leading Funicular to initiate foreclosure on collateral assets. This has left the Company on the brink of ceasing operations, with a significant debt of $5.4 million and the inability to fulfill its reporting requirements, signaling a grim outlook for its future.
Learn more about RIBT stock on TipRanks’ Stock Analysis page.