 NEW YORK, April 09, 2021 GLOBE NEWSWIRE -- Mohawk Group Holdings, Inc. Nasdaq: MWK Mohawk or the Company today announced that it has closed the refinancing of all of its previously outstanding debt, including two senior secured notes and its revolver credit facility. The Company previously announced its intent to refinance its outstanding debt on March 8, 2021. Pursuant to the refinancing, Mohawk issued senior secured promissory notes in an aggregate principal amount of 110.0 million to two affiliated institutional lenders for a cash payment to Mohawk of 57.7 million and the exchange of two senior secured promissory notes with an aggregate principal amount of 52.3 million previously issued to the institutional lenders. 14.8 million of the net proceeds were used to repay all amounts owed under the Companys Amended and Restated Credit and Security Agreement with MidCap Funding X Trust. The new senior secured promissory notes have an 8 annual interest rate payable in cash on a quarterly basis with a three year maturity. In connection with the refinancing, the Company issued to the institutional lenders warrants to purchase an aggregate of 2,259,166 shares of the Companys common stock with an exercise price of 31.74 per share. The Company expects to use the remaining net proceeds of 40.8 million, after deducting fees and expenses, for potential acquisitions, working capital and general corporate purposes. 