CTD HOLDINGS, INC. (OTCMKTS:CTDH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
Item 1.02 Termination of a Material Definitive
Agreement.
Item 2.01 Completion of Acquisition or Disposition of
Assets.
On December 16, 2016, CTD Holdings, Inc. (the Company), completed
the sale of its office and manufacturing facility located in
Alachua, Florida for an aggregate purchase price of $980,000. The
sale was effected to a Commercial Contract entered into on
September 6, 2016 by the Companys wholly-owned subsidiary,
Nanosonic Products Inc., and Alchem Laboratories Corporation (the
Buyer). The assets sold to the Buyer consisted of the Companys
real property located at 14120 NW 126th Terrace,
Alachua Florida, sold for a purchase price of $800,000, and
substantially all of the Companys manufacturing equipment at such
location, including the Companys pulse dryer, sold for a purchase
price of $180,000.
The Company used $664,800 of the proceeds of the sale to repay in
full all of its outstanding indebtedness to Regions Bank, which
consisted of a mortgage loan secured by the real property sold to
the Buyer, and an equipment loan secured by the equipment sold to
the Buyer, thereby terminating the Companys loan agreements with
Regions Bank.
Net cash proceeds to the Company from the sale, after giving
effect to repayment of the indebtedness to Regions Bank as
described above and the payment of transaction expenses, amounted
to $255,690, which will be used for working capital purposes.
In connection with the closing of the sale, the Buyer and the
Company entered into a Post-Occupancy Agreement under which the
Company may continue to occupy the real property located at 14120
NW 126th Terrace, Alachua, Florida until January 15,
2017 for $1.00. The Company anticipates that it will negotiate a
lease with the Buyer for a portion of the property prior to
January 15, 2017.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit10.1 |
Commercial Contract between Alchem Laboratories Corporation and Nanosonic Products Inc., entered into September 6, 2016 |
About CTD HOLDINGS, INC. (OTCMKTS:CTDH)
CTD Holdings, Inc. is a biotechnology company. The Company is focused on the use of cyclodextrins in drug development. The United States Food and Drugs Administration has accepted the Type II Drug Master File for its lead drug candidate, Trappsol Cyclo (hydroxypropyl beta cyclodextrin), for filing, as a treatment for Neimann-Pick Type C disease (NPC). NPC is a fatal cholesterol metabolism disease found primarily in children and young adults. It also sells cyclodextrins and related products to the pharmaceutical, nutritional and other industries, primarily for use in diagnostics and specialty drugs. Its product lines include Trappsol, Aquaplex and AP-Flavor. The Trappsol product line includes basic cyclodextrins, and cyclodextrins with various chemical adducts resulting in over 100 various cyclodextrins. The Aquaplex product line includes various cyclodextrins combined with over 80 various ingredients. The AP-Flavor product lines are cyclodextrins that contain various food flavors. CTD HOLDINGS, INC. (OTCMKTS:CTDH) Recent Trading Information
CTD HOLDINGS, INC. (OTCMKTS:CTDH) closed its last trading session down -0.004 at 0.435 with 300 shares trading hands.