UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 14, 2019
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
(Zip Code) | ||||
(Address of principal executive offices) | ||||
Registrant’s telephone number, including area code: (858 ) 366-6900
N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Symbol | Name of Exchange on Which Registered |
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. ☐
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Item 1.01 Entry Into A Material Definitive Agreement.
On November 14, 2019, Tandem Diabetes Care, Inc. (the “Company”) entered into a Lease Agreement (the “Lease”) with Ameri Shore LLC, an Idaho limited liability company (the “Landlord”) for approximately 94,562 square feet of additional general office space located at 1500 W. Shoreline Drive, Boise, Idaho (the “Shoreline Building”).
Subject to limited exceptions, the initial lease term is expected to commence on the earlier of (i) the date on which the Company substantially completes certain specified work related to tenant improvements, (ii) the date on which the Company commences use of the premises, or (iii) July 1, 2020 (the “Commencement Date”), and will expire 84 months from the first day of the first full month following the Commencement Date (such period, the “Base Term”). The Company will also have a one-time option (the “Extension Option”) to extend the term of the Lease for a period of three years by delivering prior written notice to the Landlord in accordance with the terms of Lease.
The initial base rent for the premises is approximately $91,000 per month and will increase annually by 2.5% beginning on each annual anniversary of the Commencement Date. The monthly base rent does not include ongoing operating expenses throughout the duration of the Lease which are the responsibility of the Company. Operating expenses in connection with the lease are estimated to be approximately $1.5 million in the first 12 months following the Commencement Date.
Future minimum payments for base rent under the Lease will be as follows (in thousands):
2020 | $ | 544 | |
2021 | 1,101 | ||
2022 | 1,129 | ||
2023 | 1,157 | ||
2024 | 1,186 | ||
Thereafter | 3,090 | ||
Total | $ | 8,207 | |
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by the Lease, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
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.
Tandem Diabetes Care, Inc. | ||
By: | /s/ David B. Berger | |
David B. Berger | ||
Executive Vice President, Chief Legal & Compliance Officer | ||
Date: November 18, 2019