RenX Enterprises, Inc. (NASDAQ: RENX), formerly known as Safe and Green Development Corporation, today announced that it has completed the purchase of a Komptech Crambo shredder and a Diamond Z horizontal grinder that had previously been deployed under a rental arrangement.
This morning’s news release said the company elected to acquire the equipment following a review of operating results demonstrating increased throughput, improved processing efficiency, and incremental revenue contribution during the rental period.
The equipment has been actively utilized within the Company’s materials processing operations and has supported higher volumes across RenX’s materials handling and resource recovery activities. Based on performance data observed during live operations, management determined that ownership of the assets was economically favorable and aligned with the Company’s long-term operating strategy.
The equipment was purchased for approximately $2.54 million with a 30% down payment of approximately $700,000 that had previously been deployed under a rental arrangement and the balance financed through two secured promissory notes with Commercial Credit Group. The Company believes the financing structure appropriately reflects the revenue-generating profile of the equipment and is consistent with its disciplined approach to capital allocation.
RENX shares began the mid-week session up one cent, or 5.1%, to 21 cents.
