- UUV Aquabotix’s (UUV) U.S. subsidiary, Aquabotix Technology Corporation (ATC), will receive a US$76,000 loan from the U.S. Government
- This loan falls under the Payment Protection Program which helps small U.S.-based businesses pay rent, wages, and utilities
- ATC is expected to receive this loan by April 26 and it must pay it back within two years
- Aquabotix is up a healthy 50 per cent and shares are currently trading for 0.2 cents each
UUV Aquabotix’s (UUV) U.S. subsidiary, Aquabotix Technology Corporation (ATC), will receive a US$76,000 loan from the U.S. Government.
This loan is administered under the U.S. Government’s COVID-19 Payment Protection Program.
The Payment Protection Program is a disaster relief program in the States that provides loans to small U.S.-based businesses to help pay rent, wages, and utilities.
The money is expected to be in ATC’s pockets by April 26, and will carry a one per cent interest rate. Payments must also be deferred for six months and must be paid-off within two years.
Aquabotix is an underwater robotics company that designs, develops and sells underwater and surface drones with swarming capabilities for commercial, high-end consumers and military applications.
Its SwarmDiver product was the first underwater swarming drone available on the market.
SwarmDivers are micro-sized unmanned swarming and diving vehicles that are used for water applications in anything from shallow water to the surf zone.
Its other devices include NIGHTLINE for nighttime recovery, EDGE to respond to threats of piracy and militant groups, and STEALTH for covert defence operations.
Aquabotix is up a healthy 50 per cent and shares are trading for 0.2 cents each at 2:17 pm AEST.