This is the fifth extension Cubic has received to close the deal, which was entered in April for an initial price of $46 million. The purchase price has increased with each extension.
Under the terms of the latest extension agreement, the total price of the assets has increased to $47.25 million, with Cubic paying an additional deposit of $100,000 and agreeing to pay a further $250,000 at closing as compensation for the extension.
The
