Deep Down Announces Funding for Mako Technologies Acquisition
Deep Down, Inc. has closed on its anticipated additional $6,000,000 in debt financing with Prospect Capital Corporation to fund its acquisition of Mako Technologies, Inc. Headquartered in Morgan City, Louisiana, Mako serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
As part of this funding, Deep Down paid $2,916,667 in cash, issued 6,574,074 restricted shares of common stock of Deep Down and paid off an aggregate of $917,676 in Mako bank debt. Up to $2,083,333 in cash and 4,695,767 restricted shares of common stock of Deep Down will be paid upon completion of an audit to verify adjusted EBITDA expectations for the fiscal year ending December 31, 2007.
- Deep Down Wins GOM Gig (Apr 16)
- Deep Down Secures Large Carousel Orders (Jul 07)
- Deep Down Sees Increase in GOM Activities (Jun 15)
Company: Mako Technologies, Inc. more info
- Mako Touts AGR's Subsea Solutions in US Gulf Coast Region (Feb 08)
- Deep Down Announces Funding for Mako Technologies Acquisition (Jan 09)
- Deep Down Hooks of Mako Technologies in Acquisition (Dec 18)