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RenX Enterprises Announces $2.6 Million Sale Agreement for Norman Berry Property

RENX
  • RenX Enterprises Corp.'s joint venture sold the 7.7-acre Norman Berry property in East Point, Georgia, for $2.6 million.
  • The sale agreement became effective on August 17, 2026, with a Florida-based developer as the purchaser.
  • Approximately $800,000 of the proceeds will be used to repay two notes held by RenX plus accrued interest.
  • The remaining $1.8 million will be split between joint venture partners, yielding RenX a 50% share of roughly $900,000.
  • RenX intends to use its share of the proceeds for non-dilutive funding of core operations at Myakka City, Florida, & to reduce existing real estate debt.
  • The capital supports the strategy of monetizing non-core legacy assets to fund the vertically integrated processing platform at Myakka City.
  • Closing is conditional on purchaser due diligence, securing state program allocations, & obtaining financing.
  • The purchaser plans to submit its program application in the second half of 2026, with allocation decisions expected in the first half of 2027.
  • The Company expects to commission its Microtec milling system at Myakka City during the second half of 2026.
  • Full transaction details will be disclosed in a forthcoming Form 8-K filed with the SEC.
  • The transaction faces risks regarding the satisfaction of closing conditions, state allocation outcomes, & purchaser financing.