IEC ELECTRONICS CORP. (NYSEMKT:IEC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement
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8-K are incorporated into this Item 1.01 by reference.
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Section 2
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Financial Information
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Item 2.01
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Completion of Acquisition or Disposition of Assets
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Date), IEC Electronics Corp-Albuquerque, a New Mexico corporation
(the Seller), and a wholly-owned subsidiary of IEC Electronics
Corp., a Delaware corporation (the Company), entered into a
Purchase and Sale Agreement (the PSA), with Store Capital
Acquisitions, LLC, a Delaware limited liability company (the
Purchaser), for the sale of certain property, including Sellers
manufacturing facility located at 1450 Mission Avenue,
Albuquerque, New Mexico (the Property).
completed the sale of the Property to the Purchaser for an
aggregate purchase price of $5,750,000 including a $120,000
holdback held subject to a holdback of funds agreement. As part
of the transaction, a Lease Agreement dated as of November 18,
2016 was entered into between the Seller and the Purchaser (the
Lease). to the Lease, Seller is leasing the Property for an
initial term of 15 years, with two renewal options of five years
each. The initial base annual rental is approximately $474,000
and is subject to an annual increase equal to the lesser of two
percent or 1.25 times the change in the Consumer Price Index.
Late payments incur a charge of 5% and bear interest at a rate of
18% or the highest rate permitted by law. If an event of default
occurs under the terms of the Lease, among other things, all
rental amounts accelerate and become due and owing, subject to
certain adjustments. In addition, the Company entered into a
separate payment and performance guaranty with the Purchaser with
respect to the Lease.
and Purchaser or any of their affiliates, directors, officers or
associates, other than in respect of the transactions described
above.
qualified in its entirety by reference to the full text of the
PSA and the Lease intended to be filed as exhibits to the
Companys Annual Report on Form 10-K for the year ended September
30, 2016.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant |
8-K are incorporated into this Item 2.03 by reference.
About IEC ELECTRONICS CORP. (NYSEMKT:IEC)
IEC Electronics Corp. provides electronic contract manufacturing services (EMS) to companies in various industries that require advanced technology. The Company specializes in the custom manufacture of circuit board and system-level assemblies; a range of cable and wire harness assemblies capable of withstanding extreme environments, and precision metal components. The Company utilizes automated circuit board assembly equipment together with manufacturing stress testing methods. The Company manufactures a range of assemblies that are incorporated into various products, such as aerospace and defense systems, medical devices, industrial equipment and transportation products. Its products are distributed to and through original equipment manufacturers (OEMs). The Company supports multiple divisions and product lines for its customers. The Company designs, manufactures and tests electronic devices and systems for medical applications. IEC ELECTRONICS CORP. (NYSEMKT:IEC) Recent Trading Information
IEC ELECTRONICS CORP. (NYSEMKT:IEC) closed its last trading session 00.00 at 3.55 with 24,040 shares trading hands.
