AmBase Corp Files 8-K for Material Agreement
Ticker: ABCP · Form: 8-K · Filed: Sep 24, 2024 · CIK: 20639
| Field | Detail |
|---|---|
| Company | Ambase Corp (ABCP) |
| Form Type | 8-K |
| Filed Date | Sep 24, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1,000,000, $5 million, $1,000,000, b |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, 8-k
TL;DR
AmBase Corp just signed a big deal, filing an 8-K today. Details to follow.
AI Summary
AmBase Corporation filed an 8-K on September 24, 2024, reporting an entry into a material definitive agreement on September 23, 2024. The filing also includes financial statements and exhibits. The company's principal executive offices are located at 7857 West Sample Road, Suite 134, Coral Springs, Florida.
Why It Matters
This filing indicates a significant new agreement for AmBase Corp, which could impact its business operations and financial standing.
Risk Assessment
Risk Level: medium — The filing reports a material definitive agreement, which could carry significant implications for the company's future performance.
Key Numbers
- 1-07265 — SEC File Number (Identifies AmBase Corp's filing with the SEC.)
- 95-2962743 — IRS Employer Identification Number (Tax identification number for AmBase Corp.)
Key Players & Entities
- AmBase Corporation (company) — Registrant
- September 24, 2024 (date) — Date of Report
- September 23, 2024 (date) — Date of earliest event reported
- 7857 West Sample Road, Suite 134, Coral Springs, Florida 33065 (location) — Principal executive offices address
FAQ
What is the nature of the material definitive agreement entered into by AmBase Corporation?
The filing does not specify the details of the material definitive agreement, only that one was entered into on September 23, 2024.
When was the 8-K report filed by AmBase Corporation?
The 8-K report was filed on September 24, 2024.
Where are AmBase Corporation's principal executive offices located?
AmBase Corporation's principal executive offices are located at 7857 West Sample Road, Suite 134, Coral Springs, Florida 33065.
What is the state of incorporation for AmBase Corporation?
AmBase Corporation is incorporated in Delaware.
What is the SEC file number for AmBase Corporation?
The SEC file number for AmBase Corporation is 1-07265.
Filing Stats: 1,160 words · 5 min read · ~4 pages · Grade level 12.6 · Accepted 2024-09-24 12:36:01
Key Financial Figures
- $1,000,000 — to the Company of one million dollars ($1,000,000) 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
- $1,000,000, b — itle 10.1 Senior Promissory Note for $1,000,000, between Richard A. Bianco ("Mr. R. A. Bia
Filing Documents
- ef20036207_8k.htm (8-K) — 29KB
- ef20036207_ex10-1.htm (EX-10.1) — 33KB
- 0001140361-24-041709.txt ( ) — 192KB
- abcp-20240923.xsd (EX-101.SCH) — 4KB
- abcp-20240923_lab.xml (EX-101.LAB) — 20KB
- abcp-20240923_pre.xml (EX-101.PRE) — 14KB
- ef20036207_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry Into a Material Definitive Agreement . In September 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 million dollars ($1,000,000) 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) September 30, 2027. 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 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
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Title 10.1 Senior Promissory Note for $1,000,000, between Richard A. Bianco ("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: September 24, 2024