EMCORE Announces Sale and Leaseback of Tinley Park, IL Facility

Rhea-AI Summary

EMCORE Corporation (Nasdaq: EMKR) has successfully completed the sale and leaseback of its Tinley Park, IL facility, as per a Purchase and Sale Agreement signed on November 1, 2022. This transaction has generated $10.3 million in net cash proceeds for the company. EMCORE is notable for its advanced mixed-signal products that cater to aerospace & defense, communications, and sensing markets. The company emphasizes its commitment to quality with ISO 9001 and AS9100 certifications in its manufacturing facilities.

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• Generated $10.3 million in net cash from the sale and leaseback of the Tinley Park facility.

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• None.

ALHAMBRA, CA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced mixed-signal products that serve the aerospace & defense, communications, and sensing markets, announced today that pursuant to a Purchase and Sale Agreement entered into on November 1, 2022, it has completed the sale and leaseback of its Tinley Park, IL facility, generating $10.3 million in net cash proceeds.

About EMCORE
EMCORE Corporation is a leading provider of advanced mixed-signal products that serve the aerospace & defense, communications, and sensing markets. Our best-in-class components and systems support a broad array of applications including navigation and inertial sensing, defense optoelectronics, broadband communications, optical sensing, and specialty chips for telecom and data center. We leverage industry-leading Photonic Integrated Chip (PIC), Quartz MEMS, Lithium Niobate, and Indium Phosphide chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its facilities in Alhambra, CA, Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facilities in Budd Lake and Concord. For further information about EMCORE, please visit https://www.emcore.com.

Investor Contact:

EMCORE Corporation
Tom Minichiello
Chief Financial Officer
(626) 293-3400
investor@emcore.com

FAQ

What was the cash generated from EMKR's facility sale?

EMCORE Corporation generated $10.3 million in net cash proceeds from the sale and leaseback of its Tinley Park, IL facility.

When did EMCORE Corporation complete the facility sale?

EMCORE Corporation completed the facility sale on December 15, 2022.

What is the significance of the sale for EMKR?

The sale provided EMCORE Corporation with significant cash liquidity, which can be utilized for further business improvements.