Zoned Properties (OTCQB: ZDPY) entered definitive agreements to sell and liquidate 100% of its assets and operations for a combined gross price of $16 million via a $9 million option for three Arizona properties (CGK) and a $7 million management buyout asset purchase agreement (MBO APA).
The MBO APA requires shareholder approval, the company expects liquidation by year-end if approved, plans to pay debts, redeem preferred shares, and distribute remaining cash as a special dividend, and then pursue a reverse merger or similar transaction.
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