Talis Biomedical Corp (NASDAQ:TLIS) has reached an agreement to terminate its office lease in Chicago, according to a recent 8-K filing with the Securities and Exchange Commission. The laboratory analytical instruments company, formerly known as SlipChip Corp, will pay Fulton Ogden Venture, LLC a termination fee totaling approximately $3.62 million to exit its lease at 1375 West Fulton Market, Suite 700.
The termination fee includes a payment of $3.40 million and prepayment of October's rent and operating costs of about $217,000. The lease will officially end on October 31, 2024. Talis Biomedical's decision to terminate the lease was disclosed on Monday and filed with the SEC on Tuesday.
Under the terms of the original lease agreement, Talis Biomedical was required to maintain a letter of credit for $766,528 as a security deposit. Upon the lease's expiration at the end of October, provided the company is not in default, the landlord will return the letter of credit and any unused funds within 10 business days after the company fulfills all obligations under the termination agreement.
This move comes as part of Talis Biomedical's broader strategic adjustments, which have been periodically reported in its filings with the SEC. The company's business address and principal executive offices remain at the same location in Chicago, Illinois.
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