Baron announced that it and Kodiak Capital have mutually agreed to terminate the non-binding term sheet to furnish a $10 million equity line.
As previously reported, the non-binding term sheet was subject to both parties mutually agreeing to terms set forth in an investment agreement. After many discussions over key terms, the two parties have determined that it is best to terminate their relationship and focus resources elsewhere.
"The termination of the credit line is a response to current market conditions," said Ronnie Steinocher, President and CEO of Baron. "Kodiak has been very receptive and responsive during our negotiations; we value the professional relationship the two companies were able to establish over the past months."
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