Psychemedics Corporation 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 May 28, 2024 Psychemedics corporation (the “Company”) entered into a Lease Termination Agreement with Culver City/Hannum, LLC, a California limited liability company (“Landlord”) for certain premises located at 5750 Hannum Avenue, Culver City, CA 90230 (the “Lease Termination Agreement”). The Lease Termination Agreement provides that that certain Standard Industrial/Commercial Multi-Tenant Lease - Net dated as of July 29, 2019 by and between the Company and Landlord (as the same may have been amended, the “Lease”), will terminate effective June 30, 2024.
The consideration payable by the Company for Landlord’s agreement to enter into the Lease Termination Agreement and accelerate the expiration date of the term of the Lease to June 30, 2024, is approximately $110 thousand. The Company expects to realize net cost savings from rightsizing of facility costs of approximately $250 thousand for the balance of the original lease term from what we would otherwise have paid.
SIGNATURE
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.
PSYCHEMEDICS CORPORATION | ||
Dated: June 3, 2024 | ||
By: | /s/ Daniella Mehalik | |
Daniella Mehalik, | ||
Vice President of Finance | ||