Everspin Technologies, Inc. (NASDAQ:MRAM) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement
Sublease
On March10, 2017, the Sublease Agreement dated January31, 2017
(the Sublease Agreement) by and between Everspin Technologies,
Inc. (the Company) and NXP USA, Inc. (NXP) became effective,
whereby the Company agreed to sublease approximately 6,560 square
feet of laboratory space in Chandler, Arizona. The intial term of
the sublease is through January31, 2022, with a renewal option
for an additional 32 months, provided that the master lease is
still in effect. The aggregate rent expense under the lease, as
amended below, is $871,000.
The Company entered into a First Amendment to Sublease Agreement
with NXP on February13, 2017, and a Consent of Landlord to
Amendment to Sublease with NXP and VWP-BV CM 5670, LLC (Landlord)
on March10, 2017 (the First Amendment) to sublease an additional
3,463 square feet of space.
The Company entered into a Second Amendment to Sublease Agreement
with NXP on March2, 2017, and a Consent of Landlord to Sublease
with NXP and Landlord on March10, 2017 (the Second Amendment,
together with the Sublease Agreement and the First Amendment, the
Sublease Agreements) to , among other things, clarify that the
Companys renewal option is conditioned upon the master lease
being in full force and effect and to replace in its entirety the
Consent of Landlord to Sublease attached to the Sublease
Agreement.
The foregoing descriptions of the Sublease Agreements are
summaries, are not complete, and are qualified in their entirety
by the terms and conditions of the actual Sublease Agreements,
which are attached hereto as Exhibits10.1, 10.2 and 10.3 and
incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit No. |
Description |
|
| 10.1 |
Sublease Agreement, dated January31, 2017, by and between the Company and NXP USA, Inc. and Consent to of Landlord to Sublease, dated March10, 2017, by and among the Company, NXP USA, Inc. and VWP-BV CM 5670, LLC. |
|
| 10.2 |
First Amendment to Sublease Agreement, dated February13, 2017, by and between the Company and NXP USA, Inc. and Consent to of Landlord to Amendment to Sublease, dated March10, 2017, by and among the Company, NXP USA, Inc. and VWP-BV CM 5670, LLC. |
|
| 10.3 |
Second Amendment to Sublease Agreement dated March2, 2017, by and between the Company and NXP USA, Inc. and Consent to of Landlord to Sublease, dated March10, 2017, by and among the Company, NXP USA, Inc. and VWP-BV CM 5670, LLC. |
About Everspin Technologies, Inc. (NASDAQ:MRAM)
Everspin Technologies, Inc. is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology. The Company’s MR10Q010 Quad SPI MRAM is a memory solution for applications that store and retrieve data and programs. Its DDR3 DRAM Compatible MRAM – Spin Torque Technology is designed to comply with all DDR3 DRAM features, such as on-device termination (ODT) and internal ZQ calibration. Its family of both parallel asynchronous input/output (I/O) and serial peripheral interface (SPI) products in densities ranging from 256 kilobyte (Kb) to 16 megabyte (Mb) is available in die form. Everspin Technologies, Inc. (NASDAQ:MRAM) Recent Trading Information
Everspin Technologies, Inc. (NASDAQ:MRAM) closed its last trading session up +0.05 at 7.70 with 24,831 shares trading hands.