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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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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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).
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Item 1.01 | Entry into a Material Definitive Agreement. |
On January 10, 2023, PetVivo Holdings, Inc. (the “Company”) entered into a lease agreement (the “Lease”) with Dewey AL L.L.C. and Dewey MS L.L.C., each a Minnesota limited liability company (collectively, as tenants in common, the “Landlord”), for certain property located in Suite D of the building located at 5555 West 78th Street, Edina, Minnesota (the “Building”), that will include a new manufacturing facility, shared dock space and administrative offices having approximately 14,073 square feet (the “Facility”).
The Lease commences on April 1, 2023 (the “Commencement Date”) and will have an initial term of 10 years and 3 months, with a one-time renewal option of 5 years.
Following 3 months of rent abatement, the Company’s monthly base rent will be approximately $8,420.35 per month and will increase each year on the anniversary of the Commencement Date, up to an estimated monthly base rent of $10,577.57 during the initial term. Base rent for the renewal period, if any, will be at then prevailing market rates.
In addition to the monthly base rental payments described above, the Company has provided a security deposit of $14,600.00 and is obligated to pay operating costs, taxes and certain utilities applicable to the Facility. The Landlord will also provide an allowance of approximately $62,940 related to certain improvements to the Facility as set forth in the Lease.
During the initial term and subject to certain requirements, the Company has a right of first offer to lease additional space within the Building before the Landlord attempts to lease such space to a third party.
The foregoing is a summary description of certain terms of the Lease, is not complete and is qualified in its entirety by reference to the text of the Lease, which the Company will file as an exhibit to its Annual Report on Form 10-K for the fiscal year ending March 31, 2023.
Item 8.01 | Other Events |
On January 12, 2023, the Company issued a press release, entitled “PetVivo Holdings, Inc. Announces Plan for New Manufacturing Facility,” announcing, among other things, its entry into the Lease and its plan to move all production to the Facility. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 |
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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 Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PETVIVO HOLDINGS, INC. | ||
Date: January 13, 2023 | By: | /s/ John Lai |
John Lai, Chief Executive Officer |
Exhibit 99.1
PETVIVO HOLDINGS, INC. ANNOUCES PLAN FOR NEW MANUFACTURING FACILITY
MINNEAPOLIS, January 12, 2023 — PetVivo Holdings, Inc. (NASDAQ: PETV & PETVW) (“PetVivo”) an emerging biomedical device company focused on the commercialization of innovative medical devices and therapeutics for companion animals today announced it has entered into a lease agreement for approximately 14,000 sq. ft. of production and warehouse space located in Edina, Minnesota. This new facility will include multiple clean rooms for large-scale production of Spryng™ with OsteoCushion™ Technology, as well as other medical devices and therapeutics in the PetVivo product pipeline. The Company plans to move all of its production to this facility beginning in August 2023.
“Moving ahead with this manufacturing facility represents a significant commitment in bringing our life changing product Spryng™ to horses and small animals suffering from lameness throughout the world,” said John Lai, Chief Executive Officer for PetVivo Holdings, Inc. ““Expanding our manufacturing footprint provides us the with the production capacity to meet our growth objectives for Spryng™ and other medical devices and therapeutics of tomorrow.”
Spryng™ is an injectable veterinary medical device comprised of millions of micronized extracellular matrices, which are derived from natural components, including collagen and elastin. OsteoCushion™ Technology provides both reinforcing natural joint support to augment and/or reinforce missing and damaged cartilage, as well as delivers natural scaffolding to help address tissue defects. These attributes offer a great solution to manage lameness and joint afflictions, such as osteoarthritis, for companion animals in a simple in-clinic administration.
About PetVivo Holdings, Inc.
PetVivo Holdings Inc. (NASDAQ: PETV & PETVW) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The Company’s strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a robust pipeline of products at various stages of development and/or commercialization for the treatment of animals and people. A portfolio of nineteen patents protects the Company’s biomaterials, products, production processes and methods of use. The Company’s lead product SPRYNG™ with OsteoCushion™ technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in dogs and horses, is currently available for commercial sale.
For more information about PetVivo Holdings, Inc. and our lead product, Spryng™ with OsteoCushion™ Technology, please contact info1@petvivo.com or visit https://petvivo.com/
CONTACT:
John Lai, CEO
PetVivo Holdings, Inc.
Email: info1@petvivo.com
(952) 405-6216
Forward-Looking Statements:
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
2 |
Cover |
Jan. 10, 2023 |
---|---|
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 10, 2023 |
Entity File Number | 001-40715 |
Entity Registrant Name | PETVIVO HOLDINGS, INC. |
Entity Central Index Key | 0001512922 |
Entity Tax Identification Number | 99-0363559 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 5251 Edina Industrial Blvd. |
Entity Address, City or Town | Edina |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55349 |
City Area Code | (952) |
Local Phone Number | 405-6216 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Common Stock [Member] | |
Title of 12(b) Security | Common Stock |
Trading Symbol | PETV |
Security Exchange Name | NASDAQ |
Warrants | |
Title of 12(b) Security | Warrants |
Trading Symbol | PETVW |
Security Exchange Name | NASDAQ |
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