04:58 AM EDT, 09/27/2024 (MT Newswires) -- (Updates with the stock move in the second paragraph.)

Real Good Food ( RGF ) said late Thursday that it entered into an agreement with Emblem Investments Fund I, for a new term loan of $60 million and amended its financing with PMC Financial Services Group.

Shares of the company jumped over 36% in recent premarket activity Friday.

The company said the move will support the expansion of its manufacturing capabilities and drive several initiatives to achieve "profitable long-term growth."

Of the total loan proceeds, $8 million will be used to repay the existing PMC financing and the remaining for general corporate purposes.

The company issued 19.99% of its outstanding equity to Emblem as Class C units of its subsidiary, Real Good Food LLC, which are exchangeable into its common shares.

Price: 0.50, Change: +0.13, Percent Change: +36.49