Expion360 Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement
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Item 1.02. Termination of a Material Definitive Agreement.
On September 24, 2024, that certain Commercial Lease, by and between Expion360 Inc., a Nevada corporation (the “Company”) and Charron Properties Incorporated, a California corporation (the “Landlord”), dated January 1, 2022 (the “Lease”), of 1266 SW Lake Blvd, Redmond, Oregon, 97756 (the “Property”), was voluntarily terminated to be effective as of October 1, 2024. The Property is approximately 31,400 square feet and was used by the Company for warehousing. The Lease termination is part of an effort by the Company to identify cost reduction opportunities, but does not change the Company’s overall strategy regarding leasing of property and the Company’s other facilities. The Company currently plans to continue operating its warehousing out of its Redmond, Oregon headquarters and Elkhart, Indiana locations. In connection with the termination of the Lease, the Company paid one extra month’s rent, a $30,000 fee and a broker commission of approximately $89,000, which the Company will recoup by the future cost savings of having terminated the Lease early. The Lease termination is expected to result in approximately $40,000 of cost savings per month over the next 51 months.
Forward-Looking Statements and Safe Harbor Notice
This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this report, including statements about the Company’s beliefs and expectations, are "forward-looking statements" and should be evaluated as such. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “suggest”, “will,” and similar expressions. Forward-looking statements in this report include, without limitation, statements regarding warehousing operations, future cost savings by the Company and cost reduction opportunities. The Company has based these forward-looking statements on its current expectations and projections about future events. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements, including, without limitation, risks, uncertainties and assumptions related to the Company’s operations and property needs, as well as the risks disclosed under Item 1A. “Risk Factors” in the Company’s most recently Annual Report on Form 10-K filed with the SEC, as updated by the Company’s subsequently filed Quarterly Reports on Form 10-Q. This Current Report speaks as of the date indicated above. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. The Company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any future changes in the Company’s expectations of results or any future change in events, except as required by law.
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.
| EXPION360 INC. | ||
| Date: September 30, 2024 | By: | /s/ Brian Schaffner |
| Name: | Brian Schaffner | |
| Title: | Chief Executive Officer | |