Market Globalist

Yunhong CTI Ltd. (CTIB) stock plunged in the current trading session: here’s why

Business Focus

Yunhong CTI Ltd. (CTIB) a company specializing in the development of products, which employ flexible films, including balloons, pouches, and rolls of film for vacuum sealing and storage of products in the home and films for commercial packaging applications, announced that preliminary, unaudited sales report for Mother’s Day 2021 saw an increment of almost 17% year-over-year among all of its Mother’s Day specific product categories.

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Yunhong CTI Ltd. (CTIB) shares were falling -2.22% to trade at $1.76 in the current market. CTIB stock closed the previous session at $1.80. Over the past three months, the stock has lost -28.00%, while over the past six months, it has shed -19.28%. Further, the company has a current market of $10.53 million and its outstanding shares stood at 5.54 million.

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About Leaseback transaction

CTIB concluded a sale-leaseback transaction for its headquarters office, manufacturing, and warehouse area in Lake Barrington, Illinois for an accumulated sale price of $3,500,000, inclusive of $2,000,000 in capital and a promissory note with a face value of $1,500,000, due and payable on May 3, 2021. The transaction completed on April 29, 2021. The Purchaser has repaid the Purchaser Promissory Note in full. The Company will continue to inhabit the platform pursuant to a market-based long-term lease.

Net cash generated from the sale-leaseback transaction was used to pay back indebtedness in accordance to the Company’s term loan, which has been repaid completely.

CTIB also announced that simultaneous with the closing of the sale-leaseback transaction and lease, Yunhong CTI Ltd. Was part of a forbearance and amendment agreement in accordance to its Revolving Credit, Term Loan, and Security Agreement with PNC Bank, National Association, and various other lenders.

As per the terms and conditions of the forbearance agreement, the Lender has agreed to the sale-leaseback and lease, as per under the Loan Agreement. Pursuant to the Amendment Agreement, CTIBcomplied that the full $2,000,000 capital generated from the sale of the Lake Barrington Facility will be used to payback the $2,000,000 term loan owed to the Lender pursuant to the Loan Agreement.

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Unaudited sales report combined with a sale-leaseback transaction did not exceed shareholder expectations, with CTIB stock price plummeting at last check.

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