Solar Integrated Roofing Corporation announced a private placement of convertible drawdown term note for gross proceeds of $25 million on February 1, 2023. The transaction included participation from an institutional investor. The note carries a principal amount of $25 million at an interest rate of 6% with a 5% original issue discount.

The term note converts into common stock at a fixed price of $4.00 per share barring an event of default. Each drawdown has a maturity date six months from the issuance date.