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 September 3, 2021, the registrant and Farley White Concord Road, LLC (the “Landlord”) entered into a Lease (the “Lease”) for 70,125 square feet of office, research, laboratory and manufacturing space located at 290 Concord Rd., Billerica, Massachusetts (the “Premises”).
The Lease has a term of one hundred twenty-six months starting on the earlier of (i) the date of issuance of a certificate of occupancy (or equivalent) for the leased premises or (ii) the date the registrant occupies any portion of the leased premises for its business operations (the “Commencement Date”). Under the terms of the Lease, beginning on the date that is one hundred eighty days following the Commencement Date and ending on the date that is twelve months thereafter, the registrant is obligated to pay the Landlord monthly rent installments of $96,421.88. The registrant’s monthly base rent will increase by three percent of the then-current base rent on the first day of each succeeding twelve month period during the term of the Lease.
Subject to the terms and conditions of the Lease, the Landlord has agreed to reimburse the registrant for certain costs relating to the initial build out of the leased premises, in an initial amount not to exceed $3,506,250.00. Subject to certain conditions, the Landlord will reimburse the registrant for additional costs relating to the initial build out of the lease premises, provided, that such additional amount shall not exceed $3,155,625.00.
The foregoing summary is qualified in its entirety by reference to the Lease, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 8, 2021 | T2 BIOSYSTEMS, INC. |
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| By: | /s/ John Sprague |
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| John Sprague Chief Financial Officer |
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Document and Entity Information |
Sep. 03, 2021 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001492674 |
| Document Type | 8-K |
| Document Period End Date | Sep. 03, 2021 |
| Entity Registrant Name | T2 BIOSYSTEMS, INC. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-36571 |
| Entity Tax Identification Number | 20-4827488 |
| Entity Address, Address Line One | 101 Hartwell Avenue |
| Entity Address, City or Town | Lexington |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 02421 |
| City Area Code | (781) |
| Local Phone Number | 761-4646 |
| 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 | TTOO |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |