PATRIOT TRANSPORTATION HOLDING, INC. (NASDAQ:PATI) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement.
Reference is made to the purchase and sale agreement entered into by Patriot Transportation Holding, Inc.’s subsidiary Florida Rock & Tank Lines, Inc. (the “Company”) and White Development Company (the “Buyer”) on August 27, 2019 (the “Purchase Agreement”), to which the Company agreed to sell 25 acres of land located in South Tampa, Florida to the Buyer for $10,500,000. On August 28, 2020, primarily due to the uncertainties caused by COVID-19 on retail development demand, the Buyer exercised its right to terminate the Purchase Agreement before the expiration of the “free-look” study period and the Buyer’s deposit becoming non-refundable as set forth in the Purchase Agreement.
About PATRIOT TRANSPORTATION HOLDING, INC. (NASDAQ:PATI)
Patriot Transportation Holding, Inc. operates as a regional tank truck. The Company conducts its business through its subsidiary, Florida Rock & Tank Lines, Inc. Its business consists of hauling petroleum related products, and dry bulk commodities and liquid chemicals. The Company operates terminals in Florida, Georgia, Alabama, South Carolina, North Carolina and Tennessee. As of September 30, 2016, the Company operated a fleet of 468 tractors and 561 tank trailers from its 21 terminals and nine satellite locations. The Company offers hauling liquid petroleum products, such as gas and diesel fuel, from large scale fuel storage facilities to its customers’ retail outlets, such as convenience stores, truck stops and fuel depots. Its dry bulk commodities include cement, lime and various industrial powder products. It also provides delivery service in the liquid chemical and dry bulk business primarily from distribution facilities or manufacturing facilities to the end user.
