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Bolt Bio pays $1M to amend lease with accelerated exit date and $4.5M termination fee
BOLTBolt Biotherapeutics, Inc.
Bolt Biotherapeutics entered into a Second Amendment to Lease with landlord HCP LS Redwood City LLC, paying $1.0 million upfront and allowing the landlord to draw on an existing $1.5 million letter of credit. The amendment accelerates the lease expiration to December 31, 2027, or earlier upon the closing of a financing or strategic transaction. If such a corporate transaction closes, Bolt Bio must pay an additional $4.5 million termination fee. Ongoing rent obligations are no longer significant as the company maintains sublease arrangements for portions of its facilities. The company is evaluating the accounting effects of this agreement. Bolt Biotherapeutics operates in the biotechnology industry, focusing on developing therapies to treat cancer and other diseases.