Spotlight Innovation Inc. (OTCMKTS:STLT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On December 15, 2016, Spotlight Innovation Inc. (the Company)
entered into a commercial sublease (the Sublease) with K-4
Enterprises, LLC (K-4). Under the Sublease, the Company subletted
from K-4 certain property, consisting of 1,752 net rentable
square feet in Urbandale, Iowa, for a term of five years,
commencing December 15, 2016, ending December 1, 2021, and
automatically continuing on a year-to-year basis thereafter,
unless terminated in accordance with the provisions thereof. The
Company agreed to pay monthly rent to K-4 under the Sublease of
$1,314, which will increase by 2% annually, plus a proportionate
share of expenses, which will initially be $800 per month. K-4 is
a significant shareholder of the Company. John Krohn is the
Managing Member of K4 and in such capacity holds voting and
dispositive power over the securities held by such entity. Mr.
Krohn holds 50% of the equity ownership interest in K4 and thus
is a beneficial owner of 50% of the securities held by K4. Mr.
Krohn is also a member of the Companys board of directors.
The foregoing summary of the terms of the Sublease, is subject
to, and qualified in its entirety by such document attached
hereto as Exhibit10.39, which is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 10.39 |
Sublease between Spotlight Innovation Inc. and K4 Enterprises, LLC dated December 15, 2016. |
About Spotlight Innovation Inc. (OTCMKTS:STLT)
Spotlight Innovation Inc., formerly American Exploration Corporation, is a bioscience company. The Company is focused on acquiring the rights, through acquisition, license or otherwise, to various technologies. The Company is engaged in identifying and targeting technology candidates, including cancer drugs and treatment therapies for various disease states; drug and related treatment therapies for various infectious diseases, and other technology candidates. The Company focuses on diseases that are rare, which are known as orphan diseases, or new or common but underserved, such as feline chronic kidney disease. As of December 31, 2015, the Company had three subsidiaries: Celtic Biotech Iowa, Inc., CDT Veterinary Therapeutics, Inc. and Memcine Pharmaceuticals, Inc. Through its subsidiary, Celtic Biotech Iowa, Inc., it develops a range of drug candidates, such as Crotoxin, Cardiotoxin, VRCTC310 and Crotamine. Through its subsidiary, Memcine Pharmaceuticals, Inc., it offers Immunoplex. Spotlight Innovation Inc. (OTCMKTS:STLT) Recent Trading Information
Spotlight Innovation Inc. (OTCMKTS:STLT) closed its last trading session down -0.017 at 0.675 with 32,180 shares trading hands.
