Axon Enterprise, Inc 8-K, filed Sep 11, 2020
Axon Enterprise, Inc. (AXON)
About this 8-K
Axon Enterprise, Inc filed this 8-K on September 11, 2020, reporting on events of September 10, 2020.
Items reported
- Item 1.01: Entered into a material agreement
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On September 10, 2020, Axon Enterprise, Inc. (the “Company”), purchased a parcel of land located in Scottsdale, Arizona from the Arizona State Land Department at auction, on which the Company intends to construct its new manufacturing and office facility. The purchase price of the land is $49.1 million, plus selling fees, administrative fees, and certain other costs and expenses incurred by the Arizona State Land Department pursuant to the auction, for a total of approximately $50.6 million. Approximately $4.2 million of the purchase price was paid on September 10, 2020, with the balance due within 30 days.
The Company has selected Scottsdale as the location for its next-generation manufacturing facilities and offices. The Company aims to consolidate five locations and bring more automation to future generations of product hardware. The Company requires physical facilities for not only manufacturing, but also hardware R&D, testing laboratories, wireless calibration, quality testing, and a variety of other functions that require physical collaboration. This land investment provides long-term flexibility, optionality and stability for the Company’s physical plant operations, and supports Axon’s growth and expansion plans for the next several decades.
The acquired land is walking distance from Axon’s current headquarters and manufacturing operations, giving the Company flexibility to migrate key manufacturing infrastructure over time, with the benefits of minimal business disruption and operational redundancy.
SIGNATURE
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.
Dated: September 11, 2020 | Axon Enterprise, Inc. |
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| By: | /s/ JAWAD A. AHSAN | |
| | Jawad A. Ahsan | |
| | Chief Financial Officer | |