Educational Developmen Announces Sale And Leaseback Agreement Of Headquarters And Warehouse Facility; Agreed Upon Sale Price Of The Hilti Complex Per The Executed Contract Totaled $35.5M

6/12/24 8:08:47 AM ET

Consumer Specialties

Consumer Discretionary

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Educational Development Corporation (NASDAQ:EDUC) ("EDC", the "Company" or "Seller") (http://www.edcpub.com) today announced that on June 6, 2024, it executed a Commercial Real Estate Contract ("Contract") with Rockford Holdings ("Rockford" or "Buyer") for the sale of the Company's headquarters and distribution warehouse located at 5400-5402 South 122nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex").

The agreed upon sale price of the Hilti Complex per the executed Contract totaled $35,500,000. The proceeds from the sale will be utilized to pay off the Term Loans and Revolving Loan outstanding in the Credit Agreement with the Company's Bank. At closing, EDC will assign the existing Hilti tenant lease to the Buyer and will execute a separate Triple-Net Lease (the "Lease") for its occupied space in the Hilti Complex. The sale agreement does not include the excess land parcel adjacent to the Hilti Complex which will remain under the ownership of EDC.

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Educational Developmen Announces Sale And Leaseback Agreement Of Headquarters And Warehouse Facility; Agreed Upon Sale Price Of The Hilti Complex Per The Executed Contract Totaled $35.5M

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Director Emerson Amy bought $4,080 worth of shares (2,000 units at $2.04) (SEC Form 4)

CHIEF EXECUTIVE OFFICER White Craig M bought 10,862 shares, increasing direct ownership by 2% to 612,221 units (SEC Form 4)

CHIEF FINANCIAL OFFICER O Keefe Daniel E bought 10,459 shares, increasing direct ownership by 6% to 172,624 units (SEC Form 4)

Director Emerson Amy bought $4,080 worth of shares (2,000 units at $2.04) (SEC Form 4)

SEC Form 3 filed by new insider Emerson Amy

CHIEF EXECUTIVE OFFICER White Craig M bought 10,862 shares, increasing direct ownership by 2% to 612,221 units (SEC Form 4)

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SEC Filings

SEC Form 10-Q filed by Educational Development Corporation

Educational Development Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

Educational Development Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

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Educational Development Q1 EPS $(0.15) Down From $(0.11) YoY, Sales $9.99M Down From $14.52M YoY

Shares of companies within the broader consumer discretionary sector are trading higher following a softer-than-expected May CPI Report. Also, the Fed left rates unchanged.