Star Equity's sale-leaseback with SP Capital terminated; buyer failed to obtain financing

STAR EQUITY HOLDINGS, INC.

Purchase Agreement with SP Capital Partners LLC terminated on Feb 22, 2024 due to buyer's inability to secure financing.
Company has begun remarketing the property and expects to close a similar transaction in 2024.
No financial impact or break-up fee disclosed; deal was previously reported on Jan 25, 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

STAR EQUITY HOLDINGS, INC. terminated Purchase and Sale Agreement with Leaseback with SP Capital Partners LLC valued at Purchase and Sale Agreement with Leaseback cancelled due to Buyer's failure to obtain financing (effective 2024-02-22).

Action: termination
Agreement: asset purchase
Counterparty: SP Capital Partners LLC
Value: Purchase and Sale Agreement with Leaseback cancelled due to Buyer's failure to obtain financing
Effective: 2024-02-22

Exact text from the filing

The closing of the Sale and Leaseback Transaction was subject to the satisfaction of certain customary closing conditions and contingencies for transactions of this type. Such contingencies included the Buyer’s ability to obtain appropriate financing. Buyer’s failure to meet such conditions resulted in a cancellation of the Purchase Agreement on February 22, 2024.

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Source: SEC EDGAR

accession 0000707388-24-000009

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