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
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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 November 23, 2021, Brightcove Inc. (the “Company”) entered into a Lease Agreement (the “Summer Street Lease”) with 281 Summer Street, LLC (the “Summer Street Landlord”) for office space located at 281 Summer Street, Boston, Massachusetts (the “Summer Street Premises”). Under the terms of the Summer Street Lease, the Company will lease approximately 40,000 square feet at the Summer Street Premises, which will serve as the Company’s primary headquarters. The Summer Street Lease is effective as of November 23, 2021, and the Company’s obligation to pay rent will begin on October 1, 2022 (the “Rent Commencement Date”). The initial term of the Summer Street Lease is ten years following the Rent Commencement Date. The base rent under the Summer Street Lease is $63.00 per rentable square foot per year during the first year of the term, a total of approximately $2.5 million in the first year of the term, which is subject to scheduled annual increases of 2%, plus certain costs, operating expenses and taxes. The Company is obligated to provide a security deposit, in the form of a letter of credit, of $0.82 million. In addition, the Summer Street Landlord will contribute $100 per rentable square foot, or a total of approximately $3.92 million, toward the cost of construction and tenant improvements for the Summer Street Premises. The Company has the option to extend the Summer Street Lease for two successive five-year terms and has a right of first offer to lease additional space that becomes available at the Summer Street Premises.
The foregoing descriptions of the terms of the Summer Street Lease do not purport to be complete and each is qualified in its entirety by reference to the full text of the Summer Street Lease, which will be filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 of this Current Report on Form 8-K by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
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.
| Date: November 30, 2021 | Brightcove Inc. | |||||
| By: | /s/ Robert Noreck | |||||
| Robert Noreck | ||||||
| Chief Financial Officer | ||||||
Document and Entity Information |
Nov. 23, 2021 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | BRIGHTCOVE INC |
| Entity Incorporation State Country Code | DE |
| Amendment Flag | false |
| Entity Central Index Key | 0001313275 |
| Document Type | 8-K |
| Document Period End Date | Nov. 23, 2021 |
| Entity File Number | 001-35429 |
| Entity Tax Identification Number | 20-1579162 |
| Entity Address, Address Line One | 290 Congress Street |
| Entity Address, City or Town | Boston |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 02210 |
| City Area Code | (888) |
| Local Phone Number | 882-1880 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.001 per share |
| Trading Symbol | BCOV |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |