By Chris Wack
Rafael Holdings Inc. said it has closed on the sale of the building housing its headquarters to affiliates of The Sinai Equity Group.
The company said the building located at 520 Broad Street in Newark, N.J., and an associated 800-car public garage sold for $49.4 million.
Rafael Holdings expects proceeds of $33 million after paying down the $15 million mortgage and the payment of commissions, legal fees, taxes, and other costs.
The company previously reported cash, cash equivalents and marketable securities of $59.4 million as of April 30, which doesn’t include the $6 million raised through the sale of common stock to an entity associated with members of the family of Chairman Howard Jonas or the proceeds from the sale of the building.
Rafael shares were up 10% to $2.40 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
Stock splits are less common nowadays and have become largely meaningless distractions.
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