AmBase Corp Files 8-K: Material Agreement & Financials
Ticker: ABCP · Form: 8-K · Filed: Dec 5, 2024 · CIK: 20639
| Field | Detail |
|---|---|
| Company | Ambase Corp (ABCP) |
| Form Type | 8-K |
| Filed Date | Dec 5, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $500,000, $5 million, $500,000, b |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-statements, corporate-filing
TL;DR
AmBase Corp filed an 8-K on Dec 4th for a new material agreement and financials.
AI Summary
AmBase Corporation filed an 8-K on December 5, 2024, reporting an entry into a Material Definitive Agreement and the filing of Financial Statements and Exhibits. The report covers events as of December 4, 2024. The company's principal executive offices are located at 7857 West Sample Road, Suite 134, Coral Springs, Florida.
Why It Matters
This filing indicates significant corporate activity, including a new material agreement and the submission of financial statements, which could impact investors' understanding of the company's current status and future prospects.
Risk Assessment
Risk Level: low — The filing is a standard 8-K reporting routine corporate events and does not contain information suggesting immediate or significant risk.
Key Players & Entities
- AmBase Corporation (company) — Registrant
- December 5, 2024 (date) — Date of Report
- December 4, 2024 (date) — Date of earliest event reported
- 7857 West Sample Road, Suite 134, Coral Springs, Florida (location) — Principal executive offices
FAQ
What type of material definitive agreement did AmBase Corporation enter into?
The filing does not specify the nature of the material definitive agreement, only that an entry into one is being reported.
What specific financial statements and exhibits are being filed?
The filing indicates that financial statements and exhibits are being filed, but the specific details or content are not provided in this summary.
When was AmBase Corporation incorporated?
AmBase Corporation was incorporated in Delaware.
What is AmBase Corporation's IRS Employer Identification Number?
AmBase Corporation's IRS Employer Identification Number is 95-2962743.
Has AmBase Corporation changed its name previously?
Yes, AmBase Corporation was formerly known as AMBASE CORP, CITYHOME CORP, and HOME GROUP INC, with name changes occurring in 1992, 1978, and 1989 respectively.
Filing Stats: 1,163 words · 5 min read · ~4 pages · Grade level 12.6 · Accepted 2024-12-05 16:36:01
Key Financial Figures
- $500,000 — mpany of five hundred thousand dollars ($500,000) 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
- $500,000, b — itle 10.1 Senior Promissory Note for $500,000, between Richard A. Bianco ("Mr. R. A. Bia
Filing Documents
- ef20039633_8k.htm (8-K) — 29KB
- ef20039633_10-1.htm (EX-10.1) — 34KB
- 0001140361-24-048490.txt ( ) — 193KB
- abcp-20241204.xsd (EX-101.SCH) — 4KB
- abcp-20241204_lab.xml (EX-101.LAB) — 20KB
- abcp-20241204_pre.xml (EX-101.PRE) — 14KB
- ef20039633_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry Into a Material Definitive Agreement . In December 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 five hundred thousand dollars ($500,000) 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) December 31, 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 57 th 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 ma
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Title 10.1 Senior Promissory Note for $500,000, 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: December 5, 2024