1606 Corp. Extends Property Acquisition Closing to Oct 31, Pays $312K Fee
1606 Corp. has entered into a Second Amendment to its Purchase and Sale Agreement with Jefferson Enterprise Energy, LLC, extending the closing date for the acquisition of real property and related assets in Angelina County, Texas. The closing date has been moved from May 22, 2026, to October 31, 2026, with the total purchase price of $11,168,864 remaining unchanged. As consideration for this extension, 1606 Corp. will pay an Extension Fee of $312,000, which includes a $75,000 non-refundable Operational Offset Amount and a $237,000 Tax Contribution that will be credited against the purchase price if the closing occurs. The agreement includes a condition for termination and refund of the Extension Fee if the Seller does not resolve certain ad valorem tax litigation by June 12, 2026.
Key Highlights
- Closing date for property acquisition extended from May 22, 2026, to October 31, 2026.
- Total purchase price of $11,168,864 for the real property and assets remains unchanged.
- 1606 Corp. will pay a $312,000 Extension Fee for the closing date extension.
- The Extension Fee includes a $75,000 non-refundable Operational Offset Amount.
- It also includes a $237,000 Tax Contribution, creditable against the purchase price at closing.
- Previously paid $250,000 earnest money remains fully earned by the Seller and non-refundable.
- Agreement terminates if Seller fails to settle tax litigation by June 12, 2026, with full Extension Fee refund.
Price Impact
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