AIRGAIN, INC. (NASDAQ:AIRG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On February 13, 2020, Airgain, Inc. (the “Company”) entered into the First Amendment to Office Lease (the “Lease Amendment”) with Kilroy Realty, L.P. to amend the Office Lease, dated June 13, 2013 (the “Office Lease”), relating to the Company’s corporate headquarters in San Diego, California. The Lease Amendment extends the term for the Office Lease from June 30, 2020, until its new expiration on November 30, 2025. The Lease Amendment provides that the annual base rent for the leased space shall be $588,376.80, or $49,031.40 on a monthly basis, for the 12-month period beginning July 1, 2020, which amount shall increase 3% annually beginning on July 1, 2021. The Company is entitled to base rent abatement for a specified period beginning on July 1, 2020. to the terms of the Lease Amendment, the Company will deliver to Kilroy Realty a letter of credit in the amount of $175,000, subject to annual reduction, as collateral for the full performance of the Company of all of its obligations under the Office Lease. In addition the Lease Amendment removed the ability for the Company to further extend the lease term by a period of three years upon expiration in 2025.
The foregoing description of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Amendment, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K to be filed with respect to the fiscal year ending December 31, 2019.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
About AIRGAIN, INC. (NASDAQ:AIRG)
Airgain, Inc. is a provider of embedded antenna technologies used to enable wireless networking across a range of home, enterprise and industrial devices. The Company’s antennas are found in devices deployed in carrier, enterprise and residential wireless networks and systems, including set top boxes, access points, routers, gateways and digital televisions. It offers six product lines, including MaxBeam High Gain Embedded Antennas, Profile Embedded Antennas, Profile Contour Embedded Antennas, Ultra Embedded Antennas, OmniMax High Performance External Antennas and MaxBeam Carrier Class Antennas. The Company, through its design, integration and testing of embedded antenna technology, provides its technology to the residential wireless local area network, wireless fidelity and antenna market, and also supplies to carriers, original equipment manufacturers, original design manufacturers and system designers. The Company supplies its products in the United States, Europe, Canada and Asia.