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Cineverse Ups Credit Line by $7.5 Million Media Play News

February 12, 2024

Cineverse Feb. 12 announced it has expanded its line of credit with East West Bank by $7.5 million.

The home entertainment distributor, streaming video platform operator, which posted a net loss of $445,000 on revenue of $13 million for the fiscal period ended Sept. 30, 2023, has a market capitalization of $19.5 million, and a share of price around $1.52.

“[The credit line] provides access to additional working capital to support our key business initiatives as we approach sustainable profitability,” CEO Chris McGurk said in a statement. “East West Bank’s EVP Bennett Pozil and his team have been excellent long-term business partners in helping support and grow our business over the past six years.”

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Erik Gruenwedel

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