POLARITYTE, INC. (NASDAQ:COOL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
PolarityTE, Inc. (the “Company”) entered into a commercial lease agreement (the “Lease”) with Adcomp LLC, a Utah limited liability company (the “Landlord”), to which the Company shall lease approximately 178,528 rentable square feet of office and lab space in Salt Lake City, Utah from the Landlord. to the terms of the Lease, the initial term shall be for five years (the “Lease Term”) expiring on November 30, 2022, with one, five-year option to renew. The initial base rent shall be $98,190 per month ($0.55 per sq. ft.) for the first year of the Lease Term and shall escalate at the rate of 3.0% per annum thereafter.
The foregoing description of the Lease is a summary only and does not purport to set forth the complete terms of the Lease and is qualified in its entirety by reference to the Lease filed as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
POLARITYTE, INC. Exhibit…To view the full exhibit click here
About POLARITYTE, INC. (NASDAQ:COOL)
PolarityTE, Inc., formerly Majesco Entertainment Company, is a technology company. The Company has developed, marketed, published and distributed software through online platforms. The Company develops applications for gaming on computers, handheld devices and game consoles. The Company is the owner of patent applications and know-how related to regenerative medicine and tissue engineering, as well as software applications used in diagnosis and treatment related to regenerative medicine. It seeks to develop and obtain regulatory approval for technology that will utilize a patient’s own tissue substrates for the regeneration of skin, bone, muscle, cartilage, fat, blood vessels and nerves. Its PolarityTE platform simplifies regeneration and allows cells to function naturally. The platform can be applied across all cells, tissues and composite structures. Its platform induces cell and tissue polarity, and creates functional tissue that mirrors natural development in the human body.