Gyrodyne (GYRO) Reports New Material Agreement & Financial Obligation
Ticker: GYRO · Form: 8-K · Filed: Jan 3, 2024 · CIK: 1589061
| Field | Detail |
|---|---|
| Company | Gyrodyne, LLC (GYRO) |
| Form Type | 8-K |
| Filed Date | Jan 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1,500,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: material-agreement, debt, financial-obligation
TL;DR
**GYRO just took on new debt or a major contract; watch for details on its impact.**
AI Summary
Gyrodyne, LLC filed an 8-K on January 3, 2024, reporting a material definitive agreement and the creation of a direct financial obligation, with the earliest event reported on December 27, 2023. This filing indicates that Gyrodyne, LLC, which trades under the symbol GYRO on Nasdaq, has entered into new financial commitments. For investors, this matters because new financial obligations can impact the company's balance sheet, cash flow, and future profitability, potentially affecting the stock's valuation.
Why It Matters
New financial obligations can affect a company's liquidity and profitability, which directly impacts shareholder value and the stock's performance.
Risk Assessment
Risk Level: medium — The filing indicates new financial obligations without specifying the nature or amount, creating uncertainty about potential positive or negative impacts.
Analyst Insight
Investors should monitor subsequent filings or press releases from Gyrodyne, LLC for specific details regarding the nature and financial implications of the material definitive agreement and direct financial obligation reported on December 27, 2023.
Key Players & Entities
- Gyrodyne, LLC (company) — the registrant filing the 8-K
- December 27, 2023 (date) — date of the earliest event reported
- January 3, 2024 (date) — date the 8-K was filed
- GYRO (company) — trading symbol on Nasdaq
- Nasdaq Capital Market (company) — exchange where Gyrodyne's shares are registered
FAQ
What specific items did Gyrodyne, LLC report in this 8-K filing?
Gyrodyne, LLC reported 'Entry into a Material Definitive Agreement' and 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant' as per the 'ITEM INFORMATION' section of the filing.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 27, 2023, as stated under 'Date of Report (Date of earliest event reported): December 27, 2023'.
What is Gyrodyne, LLC's trading symbol and on which exchange are its securities registered?
Gyrodyne, LLC's trading symbol is GYRO, and its Common Shares of Limited Liability Company Interests are registered on the Nasdaq Capital Market, as indicated in the 'Securities registered pursuant to Section 12(b) of the Exchange Act' table.
What is the business address of Gyrodyne, LLC?
The business address of Gyrodyne, LLC is ONE FLOWERFIELD SUITE 24, ST. JAMES, New York 11780, according to the filing's cover page.
What is the Central Index Key (CIK) for Gyrodyne, LLC?
The Central Index Key (CIK) for Gyrodyne, LLC is 0001589061, as listed under 'FILER: COMPANY DATA' in the filing.
Filing Stats: 674 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-01-03 17:14:27
Key Financial Figures
- $1,500,000 — ber 27, 2023 in the principal amount of $1,500,000 with LLYR Resources, LLC. The net proce
Filing Documents
- gyrllc20240103_8k.htm (8-K) — 26KB
- 0001437749-24-000422.txt ( ) — 159KB
- gyro-20231227.xsd (EX-101.SCH) — 3KB
- gyro-20231227_def.xml (EX-101.DEF) — 12KB
- gyro-20231227_lab.xml (EX-101.LAB) — 15KB
- gyro-20231227_pre.xml (EX-101.PRE) — 12KB
- gyrllc20240103_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement   Term Mortgage Loan   As previously reported in Gyrodyne, LLC's (the "Company") Registration Statement on Form S-1 filed with the Securities and Exchange Commission on December 29, 2023, the Company, through its subsidiaries GSD Cortlandt, LLC ("GSD Cortlandt") and Buttonwood Acquisition, LLC ("Buttonwood"), secured a term mortgage loan (the "Mortgage Loan") on December 27, 2023 in the principal amount of $1,500,000 with LLYR Resources, LLC. The net proceeds of the Mortgage Loan will be used for general working capital. The Mortgage Loan is unconditionally and irrevocably guaranteed by the Company. The term of the Mortgage Loan is two years. Until the maturity date, the Mortgage Loan bears interest at a floating interest rate of 1.5% per annum in excess of the Wall Street Prime Rate, with such interest payable monthly, which may be prepaid, in whole or in part, at any time, without payment of a prepayment fee.   The Mortgage Loan is secured by a first mortgage in the amount of $1,500,000 on the interests of GSD Cortlandt in 1989 Crompond Road and 1987 Crompond Road in Cortlandt Manor, New York, and the interests of Buttonwood in 206 Buttonwood Avenue and certain vacant land off of Buttonwood Road in Cortlandt Manor, New York.   Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant   The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.    
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.   (d) Exhibits.   Exhibit No.   Description 104   Cover Page Interactive Data File (embedded 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, thereunto duly authorized.     GYRODYNE, LLC         Date:   January 3, 2024 By:  /s/  Gary Fitlin Name:   Gary Fitlin Title:   President, Chief Executive Officer, Chief Financial Officer and Treasurer