Koil Energy Solutions, Inc 8-K, filed Dec 6, 2021
Koil Energy Solutions, Inc. (KLNG)
About this 8-K
Koil Energy Solutions, Inc filed this 8-K on December 6, 2021.
Items reported
- Item 1.01: Entered into a material agreement
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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ITEM 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On November 30, 2021, Deep Down Inc. (“Deep Down”) entered into a Commercial Lease (the “Lease”) with Wellbore Integrity Solutions, LLC, for the lease of 101,320 square feet of office and warehouse space, including yard space and parking (the “Premises”). The Premises are part of multi-tenant property located at 1310 Rankin Road, Houston, Texas. The term of the Lease is for ten (10) years, with a commencement date of no later than May 5, 2022. Base rent is $78,100 per month and will be increased annually by two percent. The Lease also includes rent abatement provisions in the first year totaling $509,000, as part of a tenant improvement allowance. Base rent also includes property taxes and common area costs. Deep Down will primarily use the facility for fabrication of custom-engineered products, such as its steel flying leads and various umbilical accessories, as well as other subsea equipment for both oil and gas and renewable energy applications.
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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 thereunto duly authorized.
Date: December 6, 2021
| DEEP DOWN, INC. | ||
| By: |
/s/ Charles K. Njuguna | |
| Charles K. Njuguna | ||
| President, Chief Executive Officer and Chief Financial Officer | ||
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