AmBase Corp Files 8-K: Material Agreement & Exhibits
Ticker: ABCP · Form: 8-K · Filed: Mar 11, 2024 · CIK: 20639
| Field | Detail |
|---|---|
| Company | Ambase Corp (ABCP) |
| Form Type | 8-K |
| Filed Date | Mar 11, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $100,000, $0.01, $0.20, $8.8 million, $100,000, b |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, filing, corporate-event
TL;DR
AmBase Corp filed an 8-K on March 8th for a material agreement. Details TBD.
AI Summary
AmBase Corporation filed an 8-K on March 11, 2024, reporting an event that occurred on March 8, 2024. The filing indicates an entry into a material definitive agreement and includes financial statements and exhibits. Specific details of the agreement or financial figures are not provided in this excerpt.
Why It Matters
This filing signals a significant corporate event for AmBase Corporation, potentially involving a new agreement that could impact its business operations and financial standing.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could represent significant changes or risks for the company, but the lack of specific details makes the exact risk level uncertain.
Key Players & Entities
- AmBase Corporation (company) — Registrant
- March 11, 2024 (date) — Date of Report
- March 8, 2024 (date) — Date of Earliest Event Reported
- 7857 WEST SAMPLE ROAD, SUITE 134 (address) — Principal Executive Offices
- CORAL SPRINGS, FLORIDA 33065 (address) — Principal Executive Offices
FAQ
What is the nature of the material definitive agreement entered into by AmBase Corporation?
The provided excerpt does not specify the nature of the material definitive agreement.
When did the event reported in the 8-K filing occur?
The earliest event reported occurred on March 8, 2024.
What is AmBase Corporation's principal executive office address?
AmBase Corporation's principal executive office is located at 7857 West Sample Road, Suite 134, Coral Springs, Florida 33065.
What is the SEC file number for AmBase Corporation?
AmBase Corporation's SEC file number is 001-07265.
What are the specific financial statements or exhibits included with this 8-K filing?
The excerpt states that financial statements and exhibits are included, but does not list their specific contents.
Filing Stats: 1,048 words · 4 min read · ~3 pages · Grade level 12.1 · Accepted 2024-03-11 10:31:56
Key Financial Figures
- $100,000 — ompany of one hundred thousand dollars ($100,000) at an interest rate of 7.0% per annum,
- $0.01 — f the Company's common stock, par value $0.01 per share (the "Common Stock"). The pur
- $0.20 — Common Stock in the Equity Offering is $0.20. The Company expects to receive gross p
- $8.8 million — receive gross proceeds of approximately $8.8 million in connection with the Equity Offering
- $100,000, b — itle 10.1 Senior Promissory Note for $100,000, between Richard A. Bianco, the Company's
Filing Documents
- ef20023780_8k.htm (8-K) — 29KB
- ef20023780_ex10-1.htm (EX-10.1) — 34KB
- 0001140361-24-012523.txt ( ) — 192KB
- abcp-20240308.xsd (EX-101.SCH) — 4KB
- abcp-20240308_lab.xml (EX-101.LAB) — 20KB
- abcp-20240308_pre.xml (EX-101.PRE) — 14KB
- ef20023780_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry Into a Material Definitive Agreement . In March 2024, AmBase Corporation (the "Company") and Mr. Richard A. Bianco, the Company's Chairman, President and Chief Executive Officer ("Mr. R. A. Bianco") entered into a Senior Promissory Note for Mr. R. A. Bianco to provide a loan to the Company of one hundred thousand dollars ($100,000) at an interest rate of 7.0% per annum, (the "Promissory Note"), for working capital. The Promissory Note is due on the earlier of the date the Company receives funds from any source, ( excluding funds received by the Company by any litigation funding entity to fund any of the 111 West 57 th legal proceedings), sufficient to pay all amounts due under this this Note, including all accrued interest thereon, including without limitation, from a settlement of the 111 West 57 th legal proceedings or (b) March 31, 2026. The Company and Mr. R. A. Bianco further agreed that amounts due pursuant to the Promissory Note plus interest can be converted by Mr. R. A. Bianco, at his option, into a litigation funding agreement pari-pasu with any litigation funding agreement entered into by the Company with a litigation funding entity. As previously disclosed in the reports filed by the Company under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company's financial statements have expressed a qualification about the Company's ability to continue as a going concern and the Company has been considering various alternatives to provide the necessary cash resources to continue operations and continue the litigation related to the 111 West 57th Property. Also as previously disclosed, in order to provide the necessary cash resources to continue operations and continue the litigation related to the 111 West 57th Property, and repay amounts currently owed, on February 28, 2024, the Company will commence a private placement offering (the "Equity Offering") of 44,200,460 shares (the "Shares") of the Company's common
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Title 10.1 Senior Promissory Note for $100,000, between Richard A. Bianco, the Company's President and Chief Executive Officer ("Mr. R. A. Bianco") and the Company. 104.1 The Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
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. AMBASE CORPORATION By /s/ John Ferrara John Ferrara Vice President and Chief Financial Officer and Controller AmBase Corporation Date: March 11, 2024