Smith-Midland acquires ~33 acres in Virginia for $3.6M; includes related-party transaction with chairman

SMITH MIDLAND CORP

Closed purchase of two parcels (29.79 acres) from Leonard and Al-Mara Farm for $3.3M on Nov 15, 2021.
Expects to close adjacent 3.36-acre purchase from Chairman Rodney I. Smith for $295k by Nov 24, 2021.
Smith transaction is a related-party deal (father of CEO); supported by third-party appraisal.
Funded with cash on hand; plans to secure financing through Summit Community Bank using properties as security.
Land is adjacent to manufacturing plant in Fauquier County, VA, for potential expansion.

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