Educational Development Corporation filed SEC Form 8-K: Termination of a Material Definitive Agreement, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 18, 2024 (
(Exact name of registrant as specified in its charter)
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ITEM 1.02 TERMINATION OF A MATERIAL AGREEMENT
On September 12, 2024, Educational Development Corporation (“EDC”, the “Company” or “Seller”) received notice from Rockford Holdings, LLC (“Buyer”) that they could not meet the terms of the original purchase agreement dated June 6, 2024. After evaluating the proposed changes, it was determined the changes were not acceptable to the Seller and mutually agreed to terminate the purchase agreement. Subsequently, the Buyer notified the Seller of the termination of their agreement to purchase the Company’s headquarters and distribution warehouse located at 5400-5402 South 122nd East Avenue, Tulsa, Oklahoma 74146 (the “Hilti Complex”).
Upon receipt of the termination notice, the Company has updated their offering memorandum for the most recent tenant lease agreement changes in the Hilti Complex, including the new lease agreement with Crusoe Energy Systems, and has begun to re-market the Hilti Complex for sale.
The foregoing descriptions are a summary of the material terms of the Contract and are not complete. These descriptions are qualified in all respects subject to the actual provisions of the sale Contract and Lease with the Buyer.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
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Exhibit |
Description |
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99.1 |
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104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURE
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Educational Development Corporation
By: /s/ Craig M. White
Craig M. White
President and Chief Executive Officer
Date: September 18, 2024