Benzinga | Aug 30, 2021 02:37PM EDT

Mamamancini's Secures $10.5M Expanded Credit Facility

* Mamamancini's Holdings Inc (NASDAQ:MMMB) has secured an expanded credit facility with M&T Bank Corp (NYSE:MTB) for $10.5 million.

* The credit is for acquisition financing at an interest rate of 3.5% above one-day LIBOR.

* Any proposed acquisition will need the approval of M&T bank to utilize the funding.

* The company said it seeks to acquire food product companies with sales in the $12 million to $20 million per year, generating positive EBITDA.

* Mamamancini's Holdings held cash and cash equivalents as of April 30, 2021, of $4.2 million.

* Price Action: MMMB shares are trading lower by 0.79% at $2.50 on the last check Monday.