Stryve Foods Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Regulation FD Disclosure, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On February 6, 2025, Stryve Foods, Inc. (the “Company”) entered into an agreement (the “Lease Termination Agreement”) with Denali Texas 16240 Gateway Industrial, LLC (the “Landlord”) to terminate the lease for its distribution center located at 16240 Gateway Path, Frisco, TX 75033 (the “Original Lease Agreement”). In order to terminate the Original Lease Agreement, the Company issued an unsecured promissory note (“Note”) to the Landlord for the termination fee of $1.1 million. As modified by the terms of the Lease Termination Agreement, the lease will expire on February 15, 2025. The Lease Termination Agreement releases the Company from its remaining obligations under the Original Lease Agreement, which included payment obligations of approximately $10.2 million, inclusive of future lease payments of approximately $7.6 million and common area maintenance charges of approximately $2.6 million. The foregoing description of the terms of the Lease Termination Agreement are qualified in their entirety by reference to the form agreement, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
In connection with the Lease Termination Agreement, the Company issued a Note on February 6, 2025 to the Landlord for the amount of the lease termination fee of $1.1 million. The Note bears interest at 0.0% and is to be repaid in sixty (60) monthly installments maturing on April 1, 2030. The foregoing description of the terms of the Notes are qualified in their entirety by reference to the form Note, which is attached hereto as Exhibit 10.2 and incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On February 11, 2025, the Company issued a press release announcing that the Company has completed a major network optimization project which it expects to generate annual net savings of more than $1.0 million through improved operating efficiencies, reduced transportation costs, and rent savings.. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.
The information furnished under this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01(d) Financial Statements and Exhibits.
| 10.1 | Lease Termination Agreement dated February 6, 2025 entered into between Stryve Foods, Inc. and Denali Texas 16240 Gateway Industrial, LLC. | |
| 10.2 | Form of Note | |
| 99.1 | Press Release of Stryve Foods, Inc., dated February 11, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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.
Dated: February 12, 2025
| STRYVE FOODS, INC. | ||
| By: | /s/ R. Alex Hawkins | |
| Name: | R. Alex Hawkins | |
| Title: | Chief Financial Officer | |