On May 28, 2020 (the “Approval Date”), the State of Florida approved entering into an option agreement for sale and purchase (the “Option Agreement”) submitted by Alico, Inc. (“Alico”) which grants the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida an option to purchase approximately 10,684 acres of Alico Ranch for approximately $28.5 million (the “Exercise Price”) under the Florida Forever program (the “Option”). The State of Florida may exercise the Option any time beginning on the Approval Date until the 120th>day after the Approval Date, subject to extension in accordance with the terms of the Option Agreement. The Option Agreement provides for certain adjustments to the Exercise Price; however, if the adjusted purchase price is less than the Exercise Price, Alico may, in its sole discretion, either approve the adjusted purchase price or terminate the Option Agreement.
On the Approval Date, Alico issued a press release announcing that the State of Florida approved entering into the Option Agreement. A copy of the press release is filed with this Form 8-K and attached hereto as Exhibit 99.1 and incorporated by reference herein.
ALICO, INC. Exhibit
EX-99.1 2 optionagrwithstateoffl_pr.htm EXHIBIT 99.1 PRESS RELEASE Exhibit                           Exhibit 99.1                 State of Florida approves option agreement with Alico to acquire approximately 10,…
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About ALICO, INC. (NASDAQ:ALCO)

Alico, Inc. is an agribusiness and natural resources management company. The Company’s segments include Orange Co., Conservation and Environmental Resources and, Other Operations. Its principal lines of business are citrus groves, cattle ranching and conservation. The Orange Co. segment includes activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus. The conservation and environmental resources segment includes activities related to cattle grazing, sod, native plant and animal sales, leasing, management and/or conservation of unimproved native pasture land. The other operations segment consists of activities related to rock mining royalties, oil exploration and other insignificant lines of business.