UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 11, 2020
AutoWeb, Inc.
(Exact name of registrant as specified in its charter)
Delaware | | 1-34761 | | 33-0711569 | | |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) | | |
400 North Ashley Drive, Suite 300 Tampa, Florida 33602-4314 |
(Address of principal executive offices) (Zip Code) |
(949) 225-4500
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report.)
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:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | AUTO | The Nasdaq Capital Market |
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. | ☐ |
Item 1.01 Entry into a Material Definitive Agreement.
On March 11, 2020, AutoWeb, Inc., a Delaware corporation (“Company”), entered into a Lease Agreement (“Lease”) with The Irvine Company LLC, a Delaware limited liability company, pursuant to which the Company will lease approximately 12,000 square feet of office space located in Irvine, California (“Premises”).
The term of the Lease will commence on or about August 1, 2020, upon completion of tenant improvements to the Premises and shall continue for a period of approximately five years, unless earlier terminated in accordance with the terms of the Lease (“Lease Term”). The Company has the option to extend the Lease Term for one additional period of five years. The monthly base rent for the Premises will be approximately $23,500 per month and is subject to annual increases of approximately 4.6%. In addition, the Company will be required pay its proportionate share of building and common area operating expenses.
The new office space will replace the Company’s current approximately 39,361 square feet of office space in Irvine, California, the lease for which expires July 31, 2020.
The foregoing description of the terms of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
Lease Agreement by and among The Irvine Company LLC, as Landlord, and AutoWeb, Inc., as Tenant, dated March 11, 2020.
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.
Date: March 16, 2020
| | AUTOWEB, INC. |
| | By: | /s/ Glenn E. Fuller
|
| | | Glenn E. Fuller, Executive Vice President, Chief Legal Officer and Secretary |
