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Orion Group Holdings $34mm Land Sale Contract terminated and new contract signed

Posted on June 24, 2024

Orion has filed a report with the SEC regarding the “Termination of a Material Definitive Agreement.”

Orion Group Holdings, Inc. (the “Company”) previously filed a Current Report on Form 8-K on February 20, 2024, announcing one of the Company’s subsidiaries entered into a contract (the “Land Sale Contract”) with Brixx Technologies LLC (“Brixx”) for the sale to Brixx of two parcels of land in Harris County, Texas (approximately 341.3 acres) (the “Property”), for a purchase price of approximately $34 million. The land sale was anticipated to close on or before June 14, 2024. On June 14, 2024, Brixx notified the Company that it was terminating the Land Sale Contract pursuant to the terms thereof.

Following the termination of the Land Sale Contract, the Company promptly entered into a new term sheet with a prospective new purchaser of the Property with a proposed closing date set for the third quarter of 2024, subject to customary closing conditions. However, there is no assurance that the sale of the Property will be consummated within that timeframe or at all.

Link to report:

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