Superior Drilling Products, Inc. (NYSE American: SDPI), an innovator and maker of drilling tool technology’s stock was breaking the upward bearers as it leaped 56.74% to $3.37 after the announcement of the closing of the sale-leaseback agreement for its Vernal, Utah facilities, netting additional cash of $1.6 million to the Firm.
SDP sold the facilities for $4.5 million under the terms of the agreement, which was already reported on November 12, 2020, and subsequently entered into a 15-year contract. The business earned about $4.2 million in net proceeds following commissions, of which $2.6 million was used to offset its pending mortgages. Leasing rates are $17 thousand cheaper than the new mortgage loan service on annual instalments.
