UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.02 | Termination of a Material Definitive Agreement |
PolarityTE MD, Inc., is a subsidiary of PolarityTE, Inc. (the “Company”). As previously reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2019, PolarityTE MD entered into a sublease agreement (the “Sublease”) with Joseph M. Still Burn Centers, Inc. (“JMS”), for 6,307 square feet of manufacturing, laboratory, and office space located at 3647 J. Dewey Grey Circle, Augusta, Georgia (the “Facility”). The initial term of the sublease for the Facility was five years commencing April 22, 2019. The annual base rental rate during the initial term was $119,833 per year, with a 3% annual increase as determined by a third-party fair market value analysis. In addition, PolarityTE MD was obligated to pay (i) maintenance, repairs, replacements, and restorations to the Facility, (ii) its own utilities, and (iii) its share of operating expenses for the building based on the ratio of space leased by PolarityTE MD to the total leasable square footage of the building.
On July 7, 2021, PolarityTE MD and JMS executed a termination agreement pursuant to which the parties agreed to terminate the lease effective June 30, 2021, in exchange for a payment by PolarityTE MD to JMS of $31,782.69.
Item 8.01 | Other Events |
On July 12, 2021, PolarityTE, Inc. (the “Company”) issued a press release titled “PolarityTE Receives Notice of Allowance for Chinese Patent.” A copy of the press release is provided with this report as Exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press released dated July 12, 2021, titled “PolarityTE Receives Notice of Allowance for Chinese Patent.” | |
104 | Cover Page Interactive Data File, formatted in Inline XBRL |
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.
POLARITYTE, INC. | |
Dated: July 12, 2021 | /s/ Jacob Patterson |
Jacob Patterson | |
Interim Chief Financial Officer |