share_log

Gaucho Shares Drop Further 10%

Dow Jones Newswires ·  Sep 16, 2021 13:17

DJ Gaucho Shares Drop Further 10%

By Chris Wack

Gaucho Group Holdings Inc. shares were down 10% to $3.39 Thursday after closing down 6% the day before.

On Tuesday, the company said its shareholders approved the purchase of additional land holdings in Argentina in an all-stock transaction valued at $2.4 million.

The company said the purchase price was determined from an evaluation of the real estate performed by an independent third party.

The properties were bought from Hollywood Burger Holdings Inc. The company said both properties are located on major thoroughfares, see significant foot and street traffic, and have ample parking, a feature considered a rare benefit in Argentine cities.

Of the two properties, one of them currently generates positive cash flow through lease revenue and will be accretive to the company, and the other is expected to have substantial development opportunities.

The stock hit its 52-week low of $2.61 on Aug. 16, and its 52-week high of $21.45 on Feb. 21.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 16, 2021 13:17 ET (17:17 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment