Item 2.01. Completion of Acquisition or Disposition of Assets.
As previously disclosed in a Current Report on Form 8-K filed on August 17,
2022, Chicago Rivet & Machine Co. (the "Company") entered into a Purchase and
Sale Agreement (the "PSA") with Frontenac Properties LLC (the "Purchaser")
pursuant to which the Company agreed, subject to the terms and conditions of the
PSA, to sell its facility in Naperville, Illinois, in which the Company
headquarters and warehouse space are located, to the Purchaser. On September 27,
2022, the Company's sale of the facility to the Purchaser was completed for a
selling price of $5,350,000 in cash, less customary closing costs.
The foregoing description of the terms of the PSA does not purport to be
complete and is qualified in its entirety by reference to such agreement, which
is filed herewith as Exhibit 2.1 and incorporated herein by reference.
Concurrently with the completion of the sale of the Naperville facility
described in Item 2.01 of this report, the Company and the Purchaser entered
into a lease agreement (the "Lease") pursuant to which the Company will lease
the warehouse portion of the Naperville facility from the Purchaser until
December 31, 2022 and the office portion until June 30, 2023. The monthly rent
payable by the Company under the Lease is $12,500 for the period from the
closing until December 31, 2022 and $8,500 for the period from January 1, 2023
to June 30, 2023.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
2.1 Purchase and Sale agreement.
104 Cover Page Interactive Data File (formatted in Inline XBRL and
contained in Exhibit 101).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses