Fulgent Genetics, Inc. (NASDAQ:FLGT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On July 23, 2020, Fulgent Genetics, Inc. (“Fulgent”) entered into an Agreement for Purchase and Sale of Property (the “Purchase Agreement”) for the purchase of real property located at 4309-4401 Santa Anita Avenue, El Monte, California (the “Property”) from 4401 Santa Anita Corporation, a California corporation (the “Seller”), in exchange for the payment of an aggregate cash purchase price of $15.4 million. The Property consists of approximately 61,612 total square feet of building situated on 2.6 acres of land.
to the terms of the Purchase Agreement, Fulgent will have 60 days following execution of the Purchase Agreement to conduct due diligence on the Property (the “Due Diligence Period”). During the Due Diligence Period, Fulgent may deliver a notice of termination (a “Termination Notice”) to the Seller should Fulgent determine through its due diligence that the Property is not suitable for purchase by Fulgent. to the terms of the Purchase Agreement, Fulgent will provide a $350,000 deposit refundable to Fulgent prior to the expiration of the Due Diligence Period (the “Initial Deposit”) and will provide a non-refundable $150,000 deposit prior to the expiration of the Due Diligence Period. The Purchase Agreement contains representations, warranties and indemnification provisions customary for transactions of this kind. As set forth in and subject to the conditions of the Purchase Agreement, the closing of the sale will occur 30 days after the expiration of the Due Diligence Period.
About Fulgent Genetics, Inc. (NASDAQ:FLGT)
Fulgent Genetics, Inc. is a technology company. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. The Company has developed a technology platform that integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory processes. As of December 31, 2015, the Company’s test menu includes approximately 18,000 single-gene tests and over 200 pre-established, multi-gene, disease-specific panels that collectively test for approximately 7,500 genetic conditions, including various cancers, cardiovascular diseases and neurological disorders. The Company’s gene probes are specifically engineered to generate genetic data that is optimized for its software, which enables to rapidly incorporate new genes into its test menu, develop new panels of disease-specific tests and customize tests for its customers.