IRADIMED Extends Lease, Shares Move 1.4%

IRADIMED Corporation, a Delaware corporation, has recently extended its lease for the approximately 23,400 square foot single-story building located in Winter Springs, Seminole County, Florida. The lease term has been extended for an additional twelve months, now set to expire on May 31, 2025.

In lieu of exercising the second renewal option, the tenant has opted to extend the lease term for the aforementioned period. Furthermore, the tenant has the option to remain in possession of the premises on a month-to-month basis for an aggregate period not to exceed six months, with the possibility of automatic monthly continuation for each successive month following the expiration of the extended term, terminating no later than November 30, 2025.

The terms, covenants, and conditions of the lease, including the obligation to pay rent at the then-current rate and on the terms for payment as provided for annual minimum rental and additional rent under the lease, will remain applicable during the extended term, the monthly tenancy, and any holdover possession, subject to annual adjustment as otherwise provided.

The lease, except as amended, remains in full force and effect and unchanged, with the amendment being ratified and confirmed by both the landlord and the tenant. The amendment may be executed in counterparts with the same effect as if both parties had executed the same document.

This extension of the lease demonstrates a continued commitment to the location and provides the tenant with the flexibility of a prolonged tenancy, potentially until the end of 2025. Following these announcements, the company's shares moved 1.4%, and are now trading at a price of $43.06. For more information, read the company's full 8-K submission here.

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