Flux Power Holdings, Inc. has renewed the available credit under its existing facility with Silicon Valley Bank, a division of First Citizens Bank of $14.0 million to support higher working capital requirements related to increased customer demand. On March 10, 2023, the Federal Deposit Insurance Corporation (“FDIC”) issued a press release stating that Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. On March 26, 2023, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First Citizens Bank & Trust Company, Raleigh, North Carolina.

On March 27, 2023, the 17 legacy Silicon Valley Bridge Bank, N.A. branches began operating as Silicon Valley Bank, a division of First Citizens Bank. The Company's other available financing resources include; (i) the previously disclosed $5 million Credit Facility Agreement, dated May 11, 2022, by and among the company and Cleveland Capital, L.P., a Delaware limited partnership, Herndon Plant Oakley Ltd., and other lenders, which remains unused; and (ii) the Company's At-the-Market (ATM) facility.