Apyx Medical sells headquarters for $7.65M in sale-leaseback; expects $6.7M net proceeds

Apyx Medical Corp

Sale price $7,650,000 for Clearwater, FL facility; net proceeds estimated at ~$6.7M after taxes and fees.
Leaseback for 10-year initial term at $619,500 annual rent, escalating 4% per year; triple-net lease.
Proceeds will be used to strengthen balance sheet and provide working capital.
Purchaser paid $400,000 earnest money; due diligence period of 30 days from March 14, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Apyx Medical Corp entered into Single Tenant Industrial Building Lease with VK Acquisitions VI, LLC valued at $619,500 for the first year (effective 2023-03-14).

Action: entry
Agreement: lease
Counterparty: VK Acquisitions VI, LLC
Value: $619,500 for the first year
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023, Apyx Medical Corporation (the “Company”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with VK Acquisitions VI, LLC (the “Purchaser”), for the sale of the Company’s facility located at 5115 Ulmerton Road, Clearwater, Florida, as more fully described in the Purchase Agreement (collectively, the “Property”) for a purchase price of $7,650,000.

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Apyx Medical Corp filing history →

Source: SEC EDGAR

accession 0000719135-23-000012

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