Educational Development Shares Rise After Sale and Leaseback News

Dow Jones

2024-09-24

By Stephen Nakrosis

Shares of Educational Development rose in the after-hours market following news the company completed a sale and leaseback deal for its headquarters and distribution warehouse in Tulsa.

After the bell, the company's stock was trading 27% higher, at $2.57. Shares ended Monday's regular session with a gain of less than 1%, closing at $2.01.

The company said proceeds from the sale will be used to pay off term loans and a revolving loan in credit agreement with its bank.

The company signed a lease for 15 years on the facility, it said.

Educational Development is a publisher and maker of educational toys and games.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 23, 2024 18:07 ET (22:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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