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): September 3, 2021

 

EARGO, INC.

(Exact name of registrant as specified in its charter)

1600 Technology Drive, 6th Floor

San Jose, California 95110

(Address of principal executive offices, including Zip Code)

 

Registrant’s telephone number, including area code: (650) 351-7700

 

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:

 

Securities registered pursuant to Section 12(b) of the Act:

 

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. ☐

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Item 1.01

Entry into a Material Definitive Agreement.

 

On September 3, 2021, Eargo, Inc. (the “Company”) entered into a Standard Form Office Lease (the “Lease”) with GZI First North 1, LLC (the “Landlord”) for office and laboratory space (the “Leased Premises”) located at 2665 North First Street, San Jose, California 95134 (the “Property”).  The Leased Premises will serve as the Company’s headquarters upon the commencement of the Lease.

 

The initial term of the Lease commences on January 1, 2022 (the “Commencement Date”).  The initial term of the Lease will extend approximately 7.5 years from the Commencement Date, unless earlier terminated in accordance with the Lease.  The Company will have the right to extend the term of the Lease for two additional 5-year terms.

 

Under the Lease, the Company will lease approximately 30,000 square feet at the Property.  The Company’s base rent of $1,235,000 per year will increase approximately 3% annually over the course of the Lease.  In addition, the Company will pay its pro rata share of increases in operating expenses and property taxes over a 2022 base year.  The Company’s obligation for such increases will be determined annually.

 

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 will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2021.

 

The representations, warranties and covenants contained in the Lease were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Lease, and may be subject to limitations agreed upon by the contracting parties.  Accordingly, the Lease is incorporated herein by reference only to provide investors with information regarding the terms of the Lease, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company’s periodic reports and other filings with the Securities and Exchange Commission.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

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