UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): October 22,
2010
CULLEN AGRICULTURAL HOLDING
CORP.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
000-53806
|
27-0863248
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
1431 N Jones
Plantation Road, Millen, Georgia
|
30442
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (706)
621-6737
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01.
|
Entry
into a Material Definitive
Agreement.
|
On
October 22, 2010, Cullen Agricultural Holding Corp. (the “Company”) entered into
a Sales Contract (“Agreement”) with Don and Alisa Burke (“Buyer”) pursuant to
which the Company will sell to Buyer approximately 155 acres of land for
approximately $285,000. The number of acres being sold represents
approximately 5% of the acres of land owned by the Company. Cullen
Inc. Holdings Ltd. (“Cullen Holdings”), an entity affiliated with Eric J.
Watson, the Company’s Chief Executive Officer, holds a mortgage on the land
being sold and has agreed to release the Company from such mortgage in order for
the Company to consummate the sale. The Company will use $250,000 of
the proceeds from the sale of the land to repay remaining amounts outstanding
under the existing promissory note held by Cullen Holdings, currently in the
amount of $3.6 million. It is anticipated that the closing of the purchase
will take place on or before October 27, 2010.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
October 25, 2010
| CULLEN AGRICULTURAL HOLDING CORP. | |||
|
|
By:
|
/s/ Eric J. Watson | |
| Name: Eric J. Watson | |||
| Title: Chief Executive Officer | |||
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