AmBase Corp. Files 8-K for Material Definitive Agreement
Ticker: ABCP · Form: 8-K · Filed: Aug 21, 2024 · CIK: 20639
| Field | Detail |
|---|---|
| Company | Ambase Corp (ABCP) |
| Form Type | 8-K |
| Filed Date | Aug 21, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $2,000,000, $5 million, $2,000,000, b |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, 8-k
TL;DR
AmBase Corp. just filed an 8-K for a major deal on Aug 19th. Details TBD.
AI Summary
AmBase Corp. entered into a Material Definitive Agreement on August 19, 2024. The filing, submitted on August 21, 2024, is a Current Report on Form 8-K, indicating a significant event for the company. Specific details of the agreement are not provided in this excerpt.
Why It Matters
This filing signals a significant corporate event for AmBase Corp., potentially impacting its business operations, financial standing, or strategic direction.
Risk Assessment
Risk Level: medium — The filing of a Material Definitive Agreement often involves significant business changes, the nature of which could carry inherent risks.
Key Numbers
- 1-07265 — Commission File Number (Identifies AmBase Corp.'s filing history with the SEC.)
- 95-2962743 — IRS Employer Identification Number (Company's tax identification number.)
Key Players & Entities
- AmBase Corp. (company) — Registrant
- August 19, 2024 (date) — Date of earliest event reported
- August 21, 2024 (date) — Date of report
- 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 Corp. on August 19, 2024?
The provided excerpt does not specify the details of the Material Definitive Agreement.
What is the primary business of AmBase Corp.?
AmBase Corp. is classified under 'OPERATORS OF NONRESIDENTIAL BUILDINGS' with SIC code 6512.
When was AmBase Corp. incorporated?
AmBase Corp. was incorporated in Delaware.
What is the principal executive office address for AmBase Corp.?
The principal executive offices are located at 7857 West Sample Road, Suite 134, Coral Springs, Florida 33065.
What is the telephone number for AmBase Corp.?
The registrant's telephone number is (201) 265-0169.
Filing Stats: 1,154 words · 5 min read · ~4 pages · Grade level 15.5 · Accepted 2024-08-21 16:12:28
Key Financial Figures
- $2,000,000 — to the Company of two million dollars ($2,000,000) at an interest rate of 6.5% per annum,
- $5 million — tions of the litigation costs for up to $5 million of funding, at market terms to be agree
- $2,000,000, b — itle 10.1 Senior Promissory Note for $2,000,000, between BARC Investments LLC ("BARC") and
Filing Documents
- ef20034011_8k.htm (8-K) — 29KB
- ef20034011_ex10-1.htm (EX-10.1) — 33KB
- 0001140361-24-038071.txt ( ) — 192KB
- abcp-20240819.xsd (EX-101.SCH) — 4KB
- abcp-20240819_lab.xml (EX-101.LAB) — 20KB
- abcp-20240819_pre.xml (EX-101.PRE) — 14KB
- ef20034011_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry Into a Material Definitive Agreement . In August 2024, AmBase Corporation (the "Company") and BARC Investments, LLC ("BARC"), an affiliate of the Company owned and controlled by two of the Company's directors and their sibling entered into a Senior Promissory Note for BARC to provide a loan to the Company of two million dollars ($2,000,000) at an interest rate of 6.5% 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, (but potentially 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) August 31, 2027 . The Company and BARC further agreed that amounts due pursuant to the Promissory Note plus interest can be converted by BARC, at its option, into a litigation funding agreement pari-pasu with any litigation funding agreement entered into by the Company with a litigation funding entity. A copy of the Promissory Note is filed herewith as Exhibit 10.1 and is incorporated herein by reference. 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. In order to provide the necessary cash resources to continue operations and continue the litigation related to the 111 West 57th Property, the Company continues to consider and evaluate various strategic funding and/or financing alternatives. Such additional funding may be provided by a variety of sources, including but not limited to third parties, existing shareholders of the Company and/or Company management, and may take in the form of
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Title 10.1 Senior Promissory Note for $2,000,000, between BARC Investments LLC ("BARC") 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: August 21, 2024