Clearfield, Inc. Enters Material Definitive Agreement
Ticker: CLFD · Form: 8-K · Filed: Apr 9, 2024 · CIK: 796505
| Field | Detail |
|---|---|
| Company | Clearfield, Inc. (CLFD) |
| Form Type | 8-K |
| Filed Date | Apr 9, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $168,786, $13,238 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement
TL;DR
Clearfield signed a big deal, details TBD.
AI Summary
Clearfield, Inc. announced on April 4, 2024, that it entered into a Material Definitive Agreement. The filing does not provide specific details about the agreement or any associated dollar amounts or dates beyond the report date.
Why It Matters
This filing indicates a significant new contract or partnership for Clearfield, Inc., which could impact its future revenue and operations.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its terms and potential impact.
Key Players & Entities
- Clearfield, Inc. (company) — Registrant
- April 4, 2024 (date) — Date of earliest event reported
- Minnesota (location) — State of incorporation
- 7050 Winnetka Avenue North, Suite 100, Brooklyn Park, MN 55428 (address) — Principal executive offices
FAQ
What is the nature of the Material Definitive Agreement entered into by Clearfield, Inc.?
The filing states that Clearfield, Inc. entered into a Material Definitive Agreement on April 4, 2024, but does not specify the nature of the agreement.
Are there any specific dollar amounts associated with this Material Definitive Agreement?
The provided filing does not mention any specific dollar amounts related to the Material Definitive Agreement.
When was the Material Definitive Agreement entered into?
The Material Definitive Agreement was entered into on April 4, 2024.
What is Clearfield, Inc.'s principal executive office address?
Clearfield, Inc.'s principal executive office is located at 7050 Winnetka Avenue North, Suite 100, Brooklyn Park, MN 55428.
What is the SIC code for Clearfield, Inc.?
The Standard Industrial Classification (SIC) code for Clearfield, Inc. is 3661, which corresponds to TELEPHONE & TELEGRAPH APPARATUS.
Filing Stats: 767 words · 3 min read · ~3 pages · Grade level 10.2 · Accepted 2024-04-09 17:25:13
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Mark
- $168,786 — lls for monthly base rental payments of $168,786.19, increasing two percent annually, pl
- $13,238 — s monthly additional rental payments of $13,238.13, subject to adjustment, for certain
Filing Documents
- f8k_040924.htm (8-K) — 24KB
- exh_101.htm (EX-10.1) — 239KB
- upsite.jpg (GRAPHIC) — 3KB
- 0001171843-24-001935.txt ( ) — 487KB
- clfd-20240404.xsd (EX-101.SCH) — 3KB
- clfd-20240404_lab.xml (EX-101.LAB) — 34KB
- clfd-20240404_pre.xml (EX-101.PRE) — 22KB
- f8k_040924_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Material Definitive Agreement. On April 4, 2024, Clearfield, Inc. (the "Company") entered into a Lease Agreement (the "Lease") with Prisma Shelter, S. de R.L. de C.V. (the "Tenant") and Banco Actinver, S.A., Institucin de Banca Mltiple, Grupo Financiero Actinver, solely in its capacity as Trustee of Trust No. 3218 (the "Landlord") for an approximately 318,000 square foot manufacturing facility in Tijuana, Mexico (the "Facility"). The Company signed the Lease as a joint and several obligor of the Tenant to induce the Landlord to lease the Facility to the Tenant. The Lease has an effective date of April 1, 2024, and a term of seven years, of which five years are mandatory. The Lease contains two options to extend the term of the Lease for additional periods of five years each. The Lease calls for monthly base rental payments of $168,786.19, increasing two percent annually, plus monthly additional rental payments of $13,238.13, subject to adjustment, for certain costs and expenses related to maintenance, services, security, property taxes and insurance. The Lease includes customary agreements, covenants, representations and warranties of the parties relating to such matters as use of the Facility, signage, security deposit , condition and delivery of the Facility , quiet enjoyment , assignment and subletting, insurance, alterations or improvements to the Facility, ownership of property, repairs and maintenance, utilities, events of default, and the rights and remedies available to the Landlord upon an event of default. Since July 2021, the Facility has been used to complete final build and assembly of a significant portion of the Company's products through a third-party maquiladora that had been leasing the Facility from the Landlord. The Company elected to change maquiladoras, which resulted in the Landlord and the previous maquiladora terminating their lease for the Facility and the Landlord leasing the facility to the Tenant, which will
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Lease Agreement dated April 4, 2024, by and among Prisma Shelter, S. de R.L. de C.V., Clearfield, Inc., and Banco Actinver, S.A., Institucin de Banca Mltiple, Grupo Financiero Actinver, solely in its capacity as Trustee of Trust No. 3218. 104 Cover Page Interactive Data File (included within the Inline XBRL document). SIGNATURE 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. CLEARFIELD, INC. By: /s/ Daniel R. Herzog Dated: April 9, 2024 Daniel R. Herzog, Chief Financial Officer