Crexendo sells office building for $4.05M, leases back for 12-18 months

Crexendo, Inc.

Purchase price $4.05M, subject to adjustments; buyer is Nectar Equities, LLC.
Existing mortgage with Bank of America (~$1.77M balance) will be paid off at closing.
Company retains right to lease back premises for 12 to 18 months post-closing.
Transaction expected to close within 120 days, subject to customary conditions.
Building was previously included in property, plant, and equipment on Form 10-K.

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

Crexendo, Inc. entered into Purchase and Sale Agreement with Nectar Equities, LLC valued at Four Million Fifty Thousand Dollars (US) ($4,050,000.00) (effective 2023-05-16).

Action: entry
Agreement: asset purchase
Counterparty: Nectar Equities, LLC
Value: Four Million Fifty Thousand Dollars (US) ($4,050,000.00)
Effective: 2023-05-16

Exact text from the filing

On May 16, 2023, Crexendo, Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Agreement”) with Nectar Equities, LLC (the “Buyer”) for the sale of the Company’s office building located at 1615 S 52nd St Tempe, AZ 85281

View on SEC.gov

146 material agreements filed in the last 30 days. Browse all material agreements →

Crexendo, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-007055

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.