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Stock Alert: Natuzzi Jumps 100% Reaching New High

(RTTNews) – Shares of furniture company Natuzzi S.p.A. (NTZ) are surging more than 100% Friday morning after the company said it has renewed its accounts-receivables securitization facility with an affiliate of Intesa Sanpaolo S.p.A. for an additional 5-year period.

The stock hit a new high of $2.48 this morning.

The securitization facility, which was originally entered into in July 2015, as renewed, allows Natuzzi to assign trade receivables to Intesa for a maximum amount of 40.0 million euros, on a revolving basis and maintaining only limited risk in the assigned trade receivables, in exchange for short-term credit, thereby continuing to provide the Company with an important and stable source of liquidity.

Natuzzi is entitled to assign a wider range of trade receivables, thus adding flexibility to the Company’s funding capacity.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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