EVLO - Evelo Biosciences enters into termination and surrender pact with Bio-Rad
2023-07-21 04:05:34 ET
- In a regulatory filing , Evelo Biosciences ( NASDAQ: EVLO ) announced that it has entered into a sublease termination and surrender pact with Bio-Rad Laboratories ( NYSE: BIO ), effective as of September 15, 2023.
- The stock of EVLO is up 5.5% in premarket trade on Friday.
- A total of 40,765 square feet of office and laboratory space are leased by the company under the Sublease in Massachusetts.
- Per the terms, unless earlier terminated or revoked in line with the Sublease's terms and conditions, the Sublease was previously set to end on September 30, 2025.
- In exchange for the early termination, the company agreed to make a one-time termination payment to Bio-Rad in the amount of $523.6K and gave Bio-Rad the right to draw on a letter of credit in an amount equal to $850K and retain such proceeds.
- Further, should the company complete a monetization event, Bio-Rad may be entitled to an additional payment of up to $2.5 million.
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Evelo Biosciences enters into termination and surrender pact with Bio-Rad