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GSI Technology (GSIT) has issued an announcement.
GSI Technology, Inc. has successfully completed a sale-leaseback deal for its Sunnyvale Property, securing $11.65 million in cash. Alongside the sale, the company has engaged in a ten-year lease agreement for the same property, with the option to extend for two additional five-year terms. The lease starts with a base rent of approximately $90,768 per month, subject to a 3% annual increase. This strategic financial move comes alongside the announcement that board member Barbara Nelson will not seek reelection at the upcoming Annual Meeting of Stockholders, a choice made without any underlying disagreements with the company.
For an in-depth examination of GSIT stock, go to TipRanks’ Stock Analysis page.
