NACCO sells minority stake in Midwest AgEnergy for $18.6M cash; up to $13.6M in earn-outs

NACCO INDUSTRIES INC

Received $18.6M cash for transferring minority equity interest in MAG to HLCP Ethanol Holdco.
Escrow held for working capital adjustment (settled within 60 days) and indemnity through Dec 2023.
Earn-out 1: up to additional payments based on EBITDA targets through Dec 31, 2024.
Earn-out 2: tied to development of CO2 pipeline for sequestration project over four years.
Total additional payments from earn-outs and escrow could range $0 to approx. $13.6M.

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