m_and_a
confidence high
sentiment neutral
materiality 0.70
Avalon GloboCare sells 100% of property subsidiary to Chairman for $9M, relieved of $5.9M mortgage
Avalon GloboCare Corp.
- Sold 100% membership interests in Avalon RT 9 Properties, LLC to Chairman Wenzhao Lu for $9M total consideration.
- Purchase price consists of $3.1M cash previously advanced plus satisfaction of approx. $5.9M mortgage outstanding.
- Company released from all obligations as guarantor on the mortgage; property is principal office location in Freehold, NJ.
- Also amended $375K unsecured bridge note to extend first, second, and third payment deadlines by one month each.