SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 6, 2021
DEEP DOWN, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
|(Commission File Number)|
18511 Beaumont Highway, Houston, TX 77049
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange on which registered|
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))|
|Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934|
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 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.
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.|
/s/ Charles K. Njuguna
|Charles K. Njuguna|
|President, Chief Executive Officer and Chief Financial Officer|