Stock Alert: Nortech Systems Jumps 40%

(RTTNews) - Shares of Nortech Systems Inc. (NSYS) gained over 40% on Friday morning continuing its upward journey from the previous day when the electromedical devices company said it completed the sale and leaseback transactions for its manufacturing facilities in Bemidji and Mankato, Minnesota at a sale price of $6.3 million.

NSYS is currently trading at $5.64, up $1.68 or 42.42%, on the Nasdaq.

The company plans to use the proceeds to pay down debt and related expenses and taxes.

Concurrent with the closing on the sale, Nortech entered into long-term lease agreements for the Bemidji and Mankato, Minnesota facilities for an initial 15-year term, with multiple renewal options.