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Michael Nahass Sells 680,000 Shares of Terra Tech Corp (OTCMKTS:TRTC) Stock

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Michael Nahass, the Chief Operating officer at Terra Tech Corp (OTCMKTS:TRTC) has sold a total of 680,000 shares from the company in a transaction which took place on January 24th. The shares were sold at $0.34 per share and the total amounted to $231,200.00. This transaction was made public through the legal filing with the Security exchange Commission.

Apart from this transaction, Michael Nahass sold off 330,000 shares at the rate of $0.48 per share. The total value of this transaction was $158,400.00. Late last year, Nahass sold a total of 570,000 shares at the rate $0.28 for a lump sum of $159,600.00.

In other news, Terra Tech Corp wholly owned subsidiary 620 Dyer LLC entered into an Amendment to Escrow Instructions with Modernize, Inc on December 6, 2017. Under the agreement, Modernize has designated 620 Dyer as the potential buyer of its commercial property which is located at 620 East Dyer Road. The transaction is valued at $11,000,000.

In line with the acquisition of this property, 620 Dyer signed a Loan Agreement with RD Dyer LLC in which the latter agreed to lend 620 Dyer a sum of $6,500,000 to be used in buying the property. The loan is expected to mature on the closing date of the three year anniversary. 620 Dyer may however extend the date of maturity by a period of 12 months but after issuing RD Dyer with a notice before the specified date of maturity.

During the first 12 months, the loan will attract an interest of 12%, it will attract 13% for the following 12 months, 13% for the third 12 months and 13.5% for any extended period. 620 Dyer has prepaid interest for the first three months. Additional payments will be made on the first day of every month.

620 Dyer may decide to pay the loan as a whole or may pay in installments at any moment. The company paid 2% of the principal amount in origination fee.

Terra Tech Corp is an agricultural company mainly focusing in the cannabis sector. It has operates in two segments: Cannabis Products and Hydroponic Produce.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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