Educational Development Corp Terminates Material Agreement
Ticker: EDUC · Form: 8-K · Filed: Sep 18, 2024 · CIK: 31667
Sentiment: neutral
Topics: material-agreement-termination, financial-statements
TL;DR
EDC terminated a big deal on Sept 12th. Filing includes financials.
AI Summary
Educational Development Corporation filed an 8-K on September 18, 2024, reporting the termination of a material definitive agreement as of September 12, 2024. The filing also includes financial statements and exhibits.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future business prospects.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding the company's future business relationships and financial performance.
Key Players & Entities
- EDUCATIONAL DEVELOPMENT CORP (company) — Registrant
- September 18, 2024 (date) — Filing Date
- September 12, 2024 (date) — Date of earliest event reported
FAQ
What was the material definitive agreement that was terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
When did the termination of the material definitive agreement become effective?
The termination of the material definitive agreement was effective as of September 12, 2024.
What are the specific financial statements included in this filing?
The filing states that financial statements are included, but the specific details or periods covered are not provided in the provided text.
What is the primary business of Educational Development Corporation?
Educational Development Corporation is classified under Wholesale-Miscellaneous Nondurable Goods [5190].
Where is Educational Development Corporation headquartered?
Educational Development Corporation is headquartered at 5402 S 122nd East Avenue, Tulsa, Oklahoma 74146.
Filing Stats: 574 words · 2 min read · ~2 pages · Grade level 12.6 · Accepted 2024-09-18 16:00:30
Filing Documents
- edc20240918_8k.htm (8-K) — 23KB
- ex_725241.htm (EX-99.1) — 6KB
- 0001185185-24-000895.txt ( ) — 151KB
- educ-20240912.xsd (EX-101.SCH) — 3KB
- educ-20240912_lab.xml (EX-101.LAB) — 19KB
- educ-20240912_pre.xml (EX-101.PRE) — 11KB
- edc20240918_8k_htm.xml (XML) — 3KB
02 TERMINATION OF A MATERIAL AGREEMENT
ITEM 1.02 TERMINATION OF A MATERIAL AGREEMENT On September 12, 2024, Educational Development Corporation ("EDC", the "Company" or "Seller") received notice from Rockford Holdings, LLC ("Buyer") that they could not meet the terms of the original purchase agreement dated June 6, 2024. After evaluating the proposed changes, it was determined the changes were not acceptable to the Seller and mutually agreed to terminate the purchase agreement. Subsequently, the Buyer notified the Seller of the termination of their agreement to purchase the Company's headquarters and distribution warehouse located at 5400-5402 South 122 nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex"). Upon receipt of the termination notice, the Company has updated their offering memorandum for the most recent tenant lease agreement changes in the Hilti Complex, including the new lease agreement with Crusoe Energy Systems, and has begun to re-market the Hilti Complex for sale. The foregoing descriptions are a summary of the material terms of the Contract and are not complete. These descriptions are qualified in all respects subject to the actual provisions of the sale Contract and Lease with the Buyer.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) EXHIBITS Exhibit Number Description 99.1 Press Release dated September 18, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) SIGNATURE Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Educational Development Corporation By: /s/ Craig M. White Craig M. White President and Chief Executive Officer Date: September 18, 2024