Terra Tech Corp (OTCMKTS:TRTC) is seeing a nice buying pressure in early morning on average volume session on Monday.
Market Reaction:
As of 10:52, TRTC stock moved up 11.26% to $0.2600 with more than 2.01 million shares, compared to its average volume of 1.09 million shares. The stock has moved within a range of $0.2300 – 0.2965 after opening the trade at $0.2387.
Major Trigger:
Terra Tech Corp. Strengthens Balance Sheet with Monetization of Legacy Real Estate
Key Highlights:
- announced that the Company entered into an agreement for the sale of its non-operating N. 4th Street property in Las Vegas, NV. Based on local zoning changes, the property cannot be used for any cannabis related activities.
- The sale price of $2.6M results in an approximate $900K balance sheet improvement, after paying off the existing $1.6M mortgage on the property and related sales fees. The sale also eliminates the current monthly burn of carrying the property, including mortgage, taxes, and other associated costs. The closing of the sale is subject to customary conditions and is expected to occur by early August 2021.
- With the sale, we have now added approximately $900K to our balance sheet and alleviated numerous costs associated with its ownership, allowing us to focus our attention on working to position the company for what we believe is a very opportunistic future, including the upcoming anticipated closing of the transaction to acquire Unrivaled. This mutually beneficial transaction is expected to lead to immediate scale, driven by strong brands and revenue growth.”
Key Quote from
Frank Knuettel, Chief Executive Officer of Terra Tech, stated, “Since taking over as CEO a few short months ago, we have continued to review our operations, divest unproductive assets and drive appropriate cost reductions. The successful sale of our N. 4th Street property is another positive step towards doing just that.
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