Empery Digital Inc 8-K, filed May 3, 2022
Empery Digital Inc. (EMPD)
About this 8-K
Empery Digital Inc filed this 8-K on May 3, 2022, reporting on events of April 27, 2022.
Items reported
- Item 1.02: Ended a material agreement
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
DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED): May 3, 2022 (
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Item 1.02 Termination of a Material Definitive Agreement.
On April 27, 2022, Volcon, Inc. (the “Company”) notified Alexander EV Park, LLC (“Landlord”) of its intent to terminate the Lease Agreement dated November 20, 2020 (as amended effective February 23, 2021) (the “Lease”) by and between Landlord and the Company (as tenant) relating to property intended at the time of the Lease to be a future production facility in Liberty Hill, Texas prior to the scheduled expiration of its term. Landlord is an entity controlled by the Company’s founders and directors, Christian Okonsky and Adrian James. The Lease had a lease term of five (5) years, through November 2025, and monthly payments ranging from approximately $15,000 per month to $17,000 per month over the lease term beginning when a certificate of occupancy is received. In February 2021, the Company entered into an amendment of the Lease to expand the leased premises. The Company paid an additional security deposit of $139,230 and additional prepaid rent of $315,588. The total minimum lease payments under the amended lease total approximately $3,930,170. The Company evaluated the cost of this facility in relation to other lower cost options and determined that it would be in the best interest of the Company to terminate this agreement. The Company is currently in negotiations with the Landlord to determine the amount of the security deposit and prepaid rent that will be returned to the Company as certain survey, architecture and construction design costs were incurred that will be paid by the Company. There can be no assurance as to the amount the Company will ultimately be responsible for under the Lease.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Volcon Inc. | ||
| By: | /s/ Greg Endo | |
| Greg Endo Chief Financial Officer | ||
Dated: May 3, 2022
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