2023-04-10 09:37:10 ET
- Comstock ( NYSE: LODE ) stock price surges 6.1% during pre-market hours, after it announced that its 88.21% owned LINICO subsidiary entered into agreements to sell certain assets for $27M.
- The assets include Battery Recycling Facility located in the Tahoe Reno Industrial Center to American Battery Technology Company, a Nevada corporation.
- Pursuant to the terms of the LINICO agreements, $1.5M of the purchase price will be held in escrow for up to 18 months for the settlement of any potential buyer indemnification claims.
- On March 1, 2023, the company received $6M from the sale of certain equipment associated with these agreements.
- On April 6, 2023, the company received $5M in cash and 10M restricted shares of ABTC stock and will also receive an additional $10M in cash on or before April 21, 2023.
- The company now expects to receive net proceeds of over $14 million from these sales.
For further details see:
Comstock up 6% as subsidiary sells assets for $27M