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): August 4, 2021 (
(Exact name of Registrant as Specified in Its Charter)
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Item 1.01 Entry into a Material Definitive Agreement.
On August 3, 2021 (the “Execution Date”), Finch Therapeutics, Inc. (“FTI”), a direct, wholly owned subsidiary of Finch Therapeutics Group, Inc. (the “Company”), entered into a lease (the “Lease”) with Hood Park LLC (the “Landlord”), pursuant to which FTI will lease approximately 61,139 square feet of office and laboratory space on the second floor of a building located at 100 Hood Park Drive, Charlestown, Massachusetts 02129 (the “Premises”). Under the terms of the Lease, FTI also has a right of first offer to lease additional space (i) above the second floor of the building, (ii) in the building located at 500 Rutherford Avenue and (iii) in the building located at 570 Rutherford Avenue, in each case as it becomes available and subject to certain conditions.
The term of the Lease commenced on the Execution Date, and FTI will become responsible for paying rent under the Lease on the earlier of (i) January 1, 2022 and (ii) the date FTI’s work on the Premises is substantially completed and FTI has commenced business operations in the Premises (the “Rent Commencement Date”).
The initial term of the Lease will be for a period commencing on the Execution Date and expiring on the date that is ten years from the Rent Commencement Date, unless earlier terminated. The Lease also provides FTI with an option to extend the Lease for one additional five-year term. FTI’s annual base rent for the Premises will start at approximately $4.5 million, commencing on the Rent Commencement Date and will increase on each anniversary of the Rent Commencement Date by approximately 2.8% per annum, up to a maximum annual base rent during the initial term of approximately $5.8 million. The Lease provides for a tenant improvement allowance of approximately $14.8 million for the cost of FTI’s work on the Premises.
FTI is required to post a customary letter of credit in the amount of approximately $2.3 million, subject to decrease on a set schedule, as a security deposit pursuant to the Lease.
The foregoing description of the Lease is qualified in its entirety by reference to the complete text of the Lease, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2021.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by this Item 2.03 is set forth in Item 1.01 above and is incorporated herein by reference.
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.
| FINCH THERAPEUTICS GROUP, INC. | ||||||
| Date: August 4, 2021 | By: | /s/ Joseph Vittiglio | ||||
| Joseph Vittiglio | ||||||
| General Counsel | ||||||