Everspin Technologies Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On August 8, 2024, Everspin Technologies, Inc. (the “Company”) and Frontgrade Colorado Springs LLC (“Frontgrade”) entered into a joint development agreement (the “Agreement”). Under the Agreement, the Company will provide its PERSYST magnetoresistive random-access memory (MRAM) technology, logic design, and back-end-of-line manufacturing services to advance the development and demonstration of a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro for use in future products by Frontgrade. The Agreement will have a term of five years and will be automatically extended for successive renewal terms of one year each unless either party gives written notice of its intent not to renew or the Agreement is otherwise terminated.
Pursuant to the Agreement, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables listed in the Agreement. The Agreement allows for phases totaling up to $9.25 million for the Company over a span of multiple years. The current phase with the Company is valued at approximately $1.25 million. In addition, the Company grants to Frontgrade a non-exclusive, non-transferable, royalty-free and fully-paid license to use certain of the Company’s intellectual property, for the purpose of performing Frontgrade’s obligations under the Agreement. Frontgrade grants to the Company a non-exclusive, non-transferable, royalty-free and fully-paid license, without the right to sublicense, to use certain of Frontgrade’s intellectual property, for the purpose of performing the Company’s obligations under the Agreement. All intellectual property developed as a result of the obligations under the Agreement will be owned solely by Frontgrade.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2024 and is incorporated herein by reference.
On August 14, 2024, the Company issued a press release announcing the above, a copy of which is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit No. |
Description | |
| 99.1 | Press release, dated August 14, 2024. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Everspin Technologies, Inc. | ||
| Dated: August 14, 2024 | By: |
/s/ Matt Tenorio |
| Matt Tenorio | ||
| Interim Chief Financial Officer | ||