Roadzen eliminates $5.5M in short-term liabilities

Roadzen (RDZN) eliminated $5.5M in short-term payables in exchange for $1.65M in cash. In July 2024, Roadzen launched a key initiative to strengthen its balance sheet, primarily by renegotiating and reducing payables associated with the going-public transaction and short-term debt. To date, the Company has improved its balance sheet as follows: Total Short-Term Liabilities Eliminated since Summer of 2024: $12.6M; $5.5 million: Eliminated through a cash payment of $1.65M. $2.5M: Payables exchanged for shares at $2.80 per share. $0.9M: Short-term debt exchanged for shares at $2.80 per share. $3.7M: Various accrued expenses renegotiated and released in quarter ended September 30, 2024. Additionally, the Company also completed the following: Senior Secured Facility Extension: Agreement in principle reached with Mizuho Securities USA Inc. to extend the debt facility by one year, through December 31, 2025. Equity Financing: Raised $7.88M in straight equity public offerings during December and January, as previously announced.