Avalon GloboCare sells 30% interest in realty subsidiary to Chairman for $3M, with option for additional 70% up to $7M

Avalon GloboCare Corp.

Sold 30% membership interest in Avalon RT 9 Properties (owner of 4400 Route 9 South, Freehold, NJ) for $3M cash.
Purchaser is Chairman Wenzhao Lu; transaction approved by Board per DGCL Section 144.
Purchaser has option to buy remaining 70% for up to $7M within 12 months from closing.
Company will continue to use the property as its principal office space.
Closing scheduled for Dec 31, 2023, with possible acceleration by mutual agreement.

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

Avalon GloboCare Corp. entered into Membership Interest Purchase Agreement with Wenzhao Lu valued at $3,000,000 (effective 2023-11-17).

Action: entry
Counterparty: Wenzhao Lu
Value: $3,000,000
Effective: 2023-11-17

Exact text from the filing

On November 17, 2023, Avalon Globocare Corp., a Delaware corporation (the “Company”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Wenzhao Lu (the “Purchaser”), pursuant to which (i) the Purchaser acquired from the Company 30% of the total outstanding membership interests of Avalon RT 9 Properties, LLC, a wholly owned subsidiary of the Company (“Avalon RT9”) for a cash purchase price of $3,000,000

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Avalon GloboCare Corp. filing history →

Source: SEC EDGAR

accession 0001213900-23-089631

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