UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 – Entry into a Material Definitive Agreement
On July 3, 2024, Applied Energetics, Inc. exercised its option to lease more than 5,000 square feet of additional space at the University of Arizona Tech Park to support the company’s investment in a new Battle Lab and laser manufacturing capacity to ensure it has the critical infrastructure in place to fulfill both current and possible future priority U.S. military programs. With this expansion, the Company will occupy approximately 26,000 sq. ft. of space at the Arizona Tech Park. The company took the option to lease this additional space under the June 7, 2023, amendment (the “2023 Amendment”) to its Lease Agreement with Campus Research Corporation, as Landlord.
The new space is a high bay, light industrial facility that is expected to host Applied Energetics’ Battle Lab to support laser system testing against relevant targets and emerging threats. The Battle Lab is expected to enable technology maturation and be the venue for customer and partner demonstrations under realistic and controlled conditions. The facility, as planned, will also provide the capability to manufacture, integrate, and test advanced lasers as Applied Energetics makes its anticipated transition of its technology to the next stage of its lifecycle.
As previously reported, the monthly base rent for the manufacturing space, is set as follows:
| Rent Year | Monthly Base Rent | |||
| August 1, 2023 - July 31, 2024 | $ | 4,843.50 | ||
| August 1, 2024 - July 31, 2025 | $ | 5,247.13 | ||
| August 1, 2025 - July 31, 2026 | $ | 5,650.75 | ||
| August 1, 2026 - July 31, 2027 | $ | 6,054.38 | ||
| August 1, 2027 - July 31, 2028 | $ | 6,458.00 | ||
The 2023 Amendment also provides for a tenant improvement allowance for the additional space of up to approximately $129,000 upon completion of work and compliance with the requirements for receipt of any requested disbursements under the allowance.
On the date hereof, the company issued a press release announcing the exercise of the option and containing additional details with respect thereto. A copy of the press release is filed herewith as Exhibit 99.1.
Item 9.01 -- Exhibits
| 99.1 | Press Release, dated as of July 8, 2024, titled “Applied Energetics Announces Expansion of its Facilities at University of Arizona Tech Park to Support New Battle Lab and Laser Manufacturing.” | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned thereunto duly authorized.
| APPLIED ENERGETICS, INC. | ||
| By: | /s/ Gregory J. Quarles | |
| Gregory J. Quarles, President and | ||
| Chief Executive Officer | ||
Date: July 8, 2024
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