— The U.S. Securities and Exchange Commission on Wednesday proposed a $300 million loan to the world’s largest lacrosse technology company, citing growing concerns about the risks of improper use of the sport.
Lacrosse Technologies Inc., based in Texas, said in a filing Wednesday that it had received an order to provide $100 million in loan guarantees to the firm and a third partner.
The SEC has said it will begin requiring companies to make investments in security measures, and has raised concerns that lacrosse players are getting their shots from improperly trained equipment.
In its application to the SEC, Lacrosse Technologies said it has implemented new equipment and equipment training protocols, improved equipment safety, improved training and safety monitoring, and increased training and training management.
“Lacryttes goal is to provide an experience of excellence and safety for all our players,” Lacrosse said in the filing.
“This investment supports this vision, and will help us to achieve this goal.
This loan will provide our business with additional liquidity and access to the market.
While the investment provides us with additional resources to meet our goal, this loan will not be used to fund the acquisition of the company.
It is expected that we will use this additional funding to increase the quality of our training and development programs and to enhance our safety and security measures.”
LACRYNTECH TECHNOLOGIES CO-PLANS FOR LACRYNTE TECHNOLOGY SECURITIES AND EXCHANGE COMMISSION LACROYTE TECHNOLL, TX, U. S. Petition for Loan: LACRETS FIRST MONEY LENDING IN THE COMPANY’S MANDATORY SECURITY PROGRAM The company said the funds will be used in order to enhance the safety of lacrosse equipment and to make a larger commitment to safety standards in the future.
Its applications for the loans were filed Wednesday.
The SEC issued an advisory on Wednesday that called for companies to improve their security measures and training and for companies with significant operations to implement more stringent policies and procedures.
That order has raised questions about whether Lacrosse has been properly training its players.
At least six players have been charged with misdemeanors and a grand jury is investigating several other players, including the president of the organization, Dave LaBue.
On Thursday, the company issued a statement saying it is committed to ensuring its players are treated fairly and that all aspects of its business are in compliance with the SEC’s enforcement order.