VIENNA, Va., Dec. 31, 2024 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a US-based leading provider of digital roadside assistance and mobility assistance technology and services, today announced that it has reached an agreement with its lenders on a short-term extension of its term loan agreements, as it continues to work toward extensions on longer term. has, among other things, reached an agreement with its first lien lenders to authorize the partial prepayment of its first lien term loans in an aggregate principal amount equal to $3 million, together with certain fees applicable thereto, and to grant a short-term extension of the term of the loan. maturity date of such term loans until February 1, 2025. Has reached an urgent agreement with its second lien lenders, among other things, on a short-term extension of its second lien loans until March 3, 2025.
“We are pleased to announce the short-term extensions to the maturity dates of our debt facilities, as we continue to engage in constructive discussions with our lenders to finalize the longer-term extensions in the coming weeks,” said Tim Huffmyer, Chief Financial Officer of Urgent. “The short-term extensions are consistent with our objectives to reduce our debt and improve our capital structure. We are also encouraging discussions with lenders to refinance our existing credit facilities and/or enter into a new credit facility.”
About Urgent
Urgently is focused on helping everyone move safely and without disruption, by protecting drivers, immediately assisting their journey and using technology to proactively prevent potential problems. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communications to power roadside assistance solutions for leading brands in automotive, insurance, telematics and other transportation-focused industries. Urgently meets 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 http://www.geturgently.com.
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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 significant risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based on the current plans, estimates and expectations of Urgently’s management 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 be materially differ from such statements. The inclusion of forward-looking statements should not be relied upon as a confirmation that such plans, estimates and expectations will be achieved. Forward-looking terms such as ‘may’, ‘will’, ‘could’, ‘should’, ‘should’, ‘plan’, ‘potential’, ‘intend’, ‘anticipate’, ‘project’, ‘predict’ “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and expressions of a 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, but not limited to, statements regarding the Company’s ability to secure extensions of its long-term debt facilities, refinance its debt facilities and/or enter into a new debt facility, and statements about the Company’s intentions to reduce its debt and improve its capital structure are based on current assumptions of Urgently’s management and are not promises or guarantees, but include a significant number of factors that could cause our actual performance or performance differs materially from future performance or performance. performance stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements contained in this press release, please refer to 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 documents and reports that we may file with the SEC from time to time. 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 any forward-looking statements to reflect future events or circumstances.
