UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
|
||
| (Address of registrant’s principal executive office) | (Zip code) |
Registrant’s telephone number, including
area code:
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 (see General Instruction A.2. below):
| 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)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| |
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 July 27, 2023, Lipella Pharmaceuticals Inc. (the “Company”) entered into a new lease agreement (the “New Lease”) with Bridgeway Development Corporation for the lease of approximately 3,275 square feet of space in the building located at 7800 Susquehanna Street, Pittsburg, PA 15208 (the “Premises”). The Company agreed to use the Premises for office, manufacturing and assembly work and the Premises will be used in addition to Company’s current leased space.
The New Lease commenced on August 1, 2023 and will co-terminate with the Company’s existing lease for its principal executive offices on June 30, 2025, with an option for a five-year extension to the term of such leases (the “Term”). The New Lease provides for annual base rent of approximately $27,600 in the first year of the Term, which increases on a yearly basis up to approximately $37,000 for the final year of the Term, if the Company uses its option for the five-year extension.
The New Lease contains customary events of default and various other rights and obligations for leases of this sort, including but not limited to provisions related to termination, liens, insurance, assignment and subleasing, fixtures and alterations, and indemnities.
The foregoing description of the New Lease is only a summary and is qualified in its entirety by reference to the full text of the New Lease, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Lease Agreement made by and between Lipella Pharmaceuticals Inc. and Bridgeway Development Corporation, executed on July 27, 2023. | |
| 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.
| Date: August 2, 2023 | Lipella Pharmaceuticals Inc. | ||
| By: | /s/ Jonathan Kaufman | ||
|
Name: Jonathan Kaufman Title: Chief Executive Officer |
|||