The Lago Vista property auction is slated to end on June 7, 2023, with the closing of the transaction expected approximately a month later. The site, initially acquired for about $3.5 million, is expected to be sold for a substantially higher sum than the purchase price. The Company is also planning to acquire its Waldron manufacturing facility in the coming weeks. This facility has been under lease since November 2021 and came with an option to purchase the facility for $1 million. Subsequent to the original lease agreement, the Company has funded approximately $2.5 million of upgrades to the facility. As a result, the facility was recently appraised for $5.2 million, which is approximately $1.7 million over the Company’s all-in costs. The Company plans to secure a commercial mortgage on the facility, which would fund the purchase and provide the Company additional working capital. Additionally, the Company secured $475 thousand in net proceeds of non-dilutive funding through a cash advance agreement. It is anticipated that these transactions will furnish the Company with significant non-dilutive financing intended to further accelerate the Company’s growth trajectory.
Crude Oil Down 1.5%; Philips Shares Jump After Q1 Results
U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite dropping around 40 points on Monday.
The Dow traded up 0.05% to 33,827.42 while the NASDAQ fell 0.33% to 12,032.16. The S&P 500, also fell, dropping, 0.01% to 4,132.91.
