CHICAGO RIVET & MACHINE CO: Completion of Acquisition or Disposal of Assets, Financial Statements and Supporting Documentation (Form 8-K)

0

Section 2.01. Completion of acquisition or disposal of assets.

As previously reported in a current report on Form 8-K filed on August 17, 2022, Chicago Rivet & Machine Co. (the “Company”) entered into a purchase and sale agreement (the “PSA”) with Frontenac Properties LLC (the “Purchaser”) pursuant to which the Company has agreed, subject to the terms and conditions of the EPS, to sell its installation of Naperville, Ill., in which the registered office and storage space of the Company are located, to the Buyer. On September 27, 2022the sale of the installation by the Company to the buyer was concluded for a sale price of $5,350,000 in cash, less usual closing costs.

The above description of the terms of the ASP does not purport to be complete and is qualified in its entirety by reference to this Agreement, which is filed herewith as Exhibit 2.1 and incorporated herein by reference.

Along with the finalization of the sale of the Naperville facility described in Section 2.01 of this report, the Company and the Purchaser have entered into a lease agreement (the “Lease”) pursuant to which the Company will lease the warehouse portion of the Naperville Buyer’s ease up to
December 31, 2022 and the office part up to June 30, 2023. The monthly rent payable by the Company under the Lease is $12,500 for the period from closing until December 31, 2022 and $8,500 for the period of January 1, 2023
at June 30, 2023.

Section 9.01. Financial statements and supporting documents.

(d)              Exhibits

Exhibit No.      Description

 2.1               Purchase and Sale agreement.

104              Cover Page Interactive Data File (formatted in Inline XBRL and
                 contained in Exhibit 101).

————————————————– ——————————

© Edgar Online, source Previews

Share.

Comments are closed.