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SUBSEQUENT EVENT
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

19. SUBSEQUENT EVENT

 

As described in Note 8 the Company exercised its option to purchase the Property the Company occupies for offices, manufacturing, and lab activities for $17.5 million. The Company also entered into an agreement with BCG to sell the Property to BCG for $17.5 million and then lease a portion of the building on the Property back to the Company to house the Company’s operations. The transactions provide for closing on November 15, 2022, and included a right to extend the closing to November 30, 2022. On November 9, 2022, the Company entered into an Addendum to the BCG Agreement providing, in part, for BCG exercising its right to extend the closing to November 30, 2022, in consideration of making an extension deposit with the escrow holder of $50,000, and the Company exercising its right under the Purchase Agreement with the Landlord to extend the closing to November 30, 2022, in consideration of making an extension deposit with the escrow holder of $50,000. The Addendum also provides for the Company’s formation of a single member limited liability company owned by the Company, which will be used as the vehicle to effectuate purchase of the Property from the Landlord at closing, effectuate a change in ownership of the Property to BCG or its assigns, and lease a portion of the building on the Property back to the Company to house its operations.