Power REIT (PW): M&A transaction — Power REIT sells Maine cannabis facility for $4.25M; provides $850K note

Power REIT

Sold interest in Maine cannabis greenhouse to tenant affiliate for $4,250,000.
Provided $850,000 seller note at 8.5% interest, maturing October 30, 2025.
Note secured by second mortgage and corporate/personal guarantees.
Sale part of strategic review to enhance liquidity amid cannabis tenant financial pressure.
Company continues evaluating additional asset sales to create shareholder value.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Power REIT completed a disposition involving affiliate of its tenant for $4,250,000 sale price plus an $850,000 note with 8.5% interest secured by a second mortgage and guarantees (closed 2023-11-01).

Action: disposition
Counterparty: affiliate of its tenant
Consideration: $4,250,000 sale price plus an $850,000 note with 8.5% interest secured by a second mortgage and guarantees
Closing: 2023-11-01

Exact text from the filing

into a Purchase and Sale Agreement related to this property that has been renegotiated based on current circumstances as part of proceeding towards closing. The sale price was $4,250,000. As part of the transaction, PW SD has provided an $850,000 note with an 8.5% interest rate that will accrue until maturity on October 30, 2025. The note is secured by a second

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Source: SEC EDGAR

accession 0001493152-23-039060

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