Form 8-K - Current report
September 20 2023 - 9:00AM
Edgar (US Regulatory)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): September 14, 2023
Oncocyte
Corporation
(Exact
name of registrant as specified in its charter)
California |
|
1-37648 |
|
27-1041563 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
15
Cushing
Irvine,
California 92618
(Address
of principal executive offices)
(949)
409-7600
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock, no par value |
|
OCX |
|
The
Nasdaq Stock Market LLC |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry into a Material Definitive Agreement.
On
August 8, 2023, Oncocyte Corporation (the “Company”) and Induce Biologics USA, Inc. (“Subtenant”)
entered into a Sublease Agreement (the “Sublease Agreement”), which subsequently became effective as of September
14, 2023, upon the execution and delivery by the Company, Subtenant, and Cushing Ventures, LLC (“Landlord”), of that
certain Landlord’s Consent to Sublease dated September 12, 2023 (the “Consent Agreement”), under which Landlord
consented to the Sublease Agreement, on the terms and subject to the conditions set forth therein. The Sublease Agreement is subject
and subordinate to that certain Office Lease Agreement, dated as of December 23, 2019 (as amended, the “Lease Agreement”)
between the Company and Landlord, under which the Company currently leases the premises located at 15 Cushing, Irvine, California 92618
(the “Leased Premises”).
Under
the Sublease Agreement, the Company agreed to initially sublet to Subtenant a portion of the Leased Premises consisting of approximately
13,400 square feet of rentable space for a term (the “Initial Period”) commencing on the date that is 120 days after
the effective date of the Consent Agreement (the “Commencement Date”) and ending on the date that is 18 months following
the Commencement Date or such earlier date as Subtenant may elect upon the exercise of its one-time option to accelerate such date upon
90 days prior written notice to the Company (the date on which the Initial Period ends, the “Expansion Date”). On
the Expansion Date, the portion of the Leased Premises that is subleased to Subtenant under the Sublease Agreement will automatically
increase to include the remaining portion of the Leased Premises, which consists of approximately 13,400 square feet of additional rentable
space for a term (the “Expansion Period”) beginning on the Expansion Date through the expiration of the Lease Agreement
on October 31, 2027, unless earlier terminated.
The
Sublease Agreement provides that, from and after the Commencement Date, Subtenant will pay to the Company monthly base rent in the following
amounts: (i) $36,850.00 for rental periods beginning on the Commencement Date and ending on or before December 31, 2024 (subject to adjustment
in the event that Subtenant exercises its option to accelerate the Expansion Date, such that the Expansion Period begins prior
to December 31, 2024); (ii) $37,955.50 for rental periods beginning on or after January 1, 2025 and ending on or before June 20, 2025
(subject to adjustment in the event that Subtenant exercises its option to accelerate the Expansion Date, such that the Expansion
Period begins prior to June 20, 2025); (iii) $75,844.00 for rental periods beginning on or after July 1, 2025 and ending on or before
December 31, 2025; (iv) $78,188.33 for rental periods beginning on or after January 1, 2026 and ending on or before December 31, 2026;
and (v) $80,533.98 for rental periods beginning on or after January 1, 2027 and ending on or before October 31, 2027.
Following
the Commencement Date, Subtenant will be responsible for the payment of Additional Rent, including Expenses and Taxes (as each such term
is defined in the Lease Agreement), provided that, with respect to the Initial Period, Subtenant will be responsible for only 50% of
the Expenses and Taxes due. In addition, Subtenant will pay the Company a security deposit in the amount of $101,987.38 in connection
with the transactions contemplated by the Sublease Agreement.
The
Sublease Agreement contains customary provisions with respect to, among other things, Subtenant’s obligation to comply with
the Lease Agreement and applicable laws, the payment of utilities and similar services utilized by Subtenant with respect its use of
the Premises, the indemnification of the Company by Subtenant, and the right of the Company to terminate the Sublease Agreement in its
entirety and retake the Premises if Subtenant fails to remedy certain defaults of its obligations under the Sublease Agreement within
specified time periods.
The
description of the terms and conditions of the Sublease Agreement set forth herein is not complete and is qualified in its entirety by
reference to the full text of the Sublease Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report
on Form 10-Q for the quarterly period ending September 30, 2023.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
Number |
|
Description |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
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.
|
ONCOCYTE
CORPORATION |
|
|
Date:
September 20, 2023 |
By: |
/s/
Joshua Riggs |
|
|
Joshua
Riggs |
|
|
President
and Chief Executive Officer |
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