Yunhong CTI Ltd. (NASDAQ: CTIB) stock gained by 5.23% at last close while the CTIB stock-price surges by 14.37% in the after-hours trading session. Yunhong CTI is a prominent foil balloon maker and marketer, as well as a producer of laminated and printed commercial films. Yunhong CTI also sells Candy Blossoms and other gifts and sells them across the United States and in a number of other countries.
CTIB stock’ Past Development
Yunhong CTI Ltd. stated that it has reached an agreement to redeem all of its equity holdings in Flexo Universal, a Mexican company, in a deal with Kingman Distributions, a Mexican company that would become Flexo’s main owner. In Guadalajara, Mexico, Flexo Universal which is a subsidiary of the Company, makes latex balloons.
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The Buyer decided to pay the Company $500,000 in conjunction with the Transaction, of which $100,000 will be given at closing and the balance will be paid in twelve monthly payments following closure. The Installment Obligations will be backed by a promise of Flexo’s assets, as well as guaranties from the Buyer and Pablo Gortaza. They are individuals having an ownership stake in Flexo who are bound by a Guaranty and Security Agreement that will be signed at the closing between the Company, the Buyer, Flexo, and Mr. Gortazar.
The Transaction is anticipated to be completed on October 10, 2021. The closure is subject to the following conditions:
- CTIB being freed from all liabilities related to its guarantor of Flexo’s real estate lease.
- The Company’s liabilities to PNC Bank, National Association are fully repaid.
Jana Schwan, Chief Operating Officer of Yunhong CTI
They have made tremendous progress in rearranging the operations to prepare the Company for greater performance and growth over the last year, and today’s news reinforces that progress. They feel the firm has reached a critical juncture. They will enter 2022 on a stronger financial basis to support its growth ambitions, owing to this transaction, the decrease in their revolving credit facility, and better business dynamics.