FLUIDIGM CORPORATION (NASDAQ:FLDM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.
On March 20, 2019, Fluidigm Corporation (the “Company”) and AP3-SF3 CT North, LLC (the “Landlord”) entered into a lease agreement (the “Lease”) relating to the lease of approximately 67,750 rentable square feet of office, laboratory, and research space (the “New Headquarters”) in a building located at Two Tower Place, South San Francisco, California (the “Building”). The Lease will replace the lease for the Company’s existing South San Francisco headquarters, which expires in April 2020.
to the terms of the Lease, it is expected that the Company will be in possession of the New Headquarters beginning on or about January 17, 2020 (the “Commencement Date”) for a term of ten years and three months. The Lease also provides the Company with an option to renew the Lease for a further five years following such term, and a right of first refusal on certain additional space in the Building.
The monthly base rental rate for the New Headquarters will begin at $5.60 per rentable square foot for the first year of the Lease term and will thereafter be increased annually by three and one half percent (3.5%) on the first anniversary of the Commencement Date and each anniversary thereafter during the Lease term. The Company will also be obligated to pay certain operating expenses, tax expenses, and utilities costs during the term of the Lease.
As required by the Lease, the Company is in the process of obtaining a standby letter of credit (the “Letter of Credit”) in the amount of $2.0 million, which may be drawn down by the Landlord to be applied for certain purposes upon the Company’s breach of any provisions under the Lease. Provided that no default occurs under the terms of the Lease, the Company will be entitled to reduce the amount of the Letter of Credit down to $1.0 million as of the Commencement Date and then down to $0.78 million as of the last day of the thirty-sixth month following the Commencement Date.
About FLUIDIGM CORPORATION (NASDAQ:FLDM)
Fluidigm Corporation creates, manufactures and markets technologies and life science tools focused on the exploration and analysis of single cells, as well as the industrial application of genomics, based upon the Company’s core microfluidics and mass cytometry technologies. The Company operates in the development, manufacturing and commercialization of life science tools for the life science and Ag-Bio industries segment. Its products include preparatory instruments, preparatory analytical instruments, analytical instruments, integrated fluidic circuits (IFCs), and assays and reagents. Its preparatory instruments include C1 Single-Cell Auto Prep System, Access Array System, Juno System and IFCs, and Callisto System and IFC. Its analytical instruments include Biomark HD System, EP1 System and Helios/CyTOF 2 System. Its assays and reagents include Delta Gene and SNP Type Assays, and Access Array Target-Specific Primers and Targeted Sequencing Prep Primers.
