Arts-Way Manufacturing Enters Definitive Agreement

TL;DR

Arts-Way Manufacturing just signed a big deal, filing details today.

AI Summary

On August 2, 2024, Arts-Way Manufacturing Co., Inc. entered into a material definitive agreement. The company also filed financial statements and exhibits as part of this report. Specific details of the agreement and financial figures were not provided in the initial filing summary.

Why It Matters

This filing indicates a significant new contract or partnership for Arts-Way Manufacturing, which could impact its future revenue and operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can carry inherent risks related to performance, financial obligations, and market reception.

Key Players & Entities

• Arts-Way Manufacturing Co., Inc. (company) — Registrant
• August 2, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — hange on which registered Common stock $0.01 par value ARTW The Nasdaq Stock Mark
• $1,800,000 — roperty under the purchase agreement is $1,800,000. The purchase and sale of the property

Filing Documents

• artw20240807_8k.htm (8-K) — 31KB
• ex_710241.htm (EX-1.01) — 49KB
• a01.jpg (GRAPHIC) — 10KB
• a02.jpg (GRAPHIC) — 59KB
• a03.jpg (GRAPHIC) — 251KB
• a04.jpg (GRAPHIC) — 16KB
• ex_710241img001.jpg (GRAPHIC) — 7KB
• 0001437749-24-025123.txt ( ) — 693KB
• artw-20240802.xsd (EX-101.SCH) — 3KB
• artw-20240802_def.xml (EX-101.DEF) — 11KB
• artw-20240802_lab.xml (EX-101.LAB) — 15KB
• artw-20240802_pre.xml (EX-101.PRE) — 11KB
• artw20240807_8k_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. On August 2, 2024, Art's-Way Manufacturing Co., Inc. (the "Company") entered into a Commercial/Industrial Real Estate Purchase Agreement (the "purchase agreement") to sell its real property located at 3620 Progress St NW in Canton, Ohio to Stoneham Partners LLC or its assigns. The property is a 39,000 sq. foot industrial warehouse sitting on 4.64 acres that previously housed operations for the Company's Tools segment. The total purchase price for the property under the purchase agreement is $1,800,000. The purchase and sale of the property is subject to a 45-day due diligence period for the purchaser to perform any inspections it deems necessary and is contingent on the purchaser's ability to obtain a written loan commitment within 90 days. The Company expects closing of the purchase prior to November 30, 2024, subject to the satisfaction of closing conditions. The Company plans to use the proceeds to retire debt and fund operations. The full text of the purchase agreement is set forth in Exhibit 1.01 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herein. This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including the Company's expectations regarding: (i) the satisfaction of the conditions to the closing of the proposed sale of the Canton, Ohio real property, (ii) the expected occurrence of such closing and the timing thereof; and (iii) the expected use of proceeds from such sale. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: the purchaser's ability to complete due diligence to its satisfaction and the purchaser's ability to obtain financing sufficient to complete the proposed trans

01

Item 9.01

Financial Statements and Exhibits

Financial Statements and Exhibits. (a)

Financial statements: None

Financial statements: None (b) Pro forma financial information: None (c) Shell Company Transactions: None (d) Exhibits: 1.01 Commercial/Industrial Real Estate Purchase Agreement dated August 2, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 7, 2024 ART ' S-WAY MANUFACTURING CO., INC. /s/ Michael W. Woods Michael W. Woods Chief Financial Officer