Form 8-K - Current report
May 30 2024 - 4:48PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 2024 (May 26, 2024)
EDUCATIONAL DEVELOPMENT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 000-04957 | 73-0750007 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
5402 S 122nd E Avenue, Tulsa, Oklahoma 74146
(Address of principal executive offices and Zip Code)
(918) 622-4522
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $.20 par value | EDUC | NASDAQ |
(Title of class) | (Trading symbol) | (Name of each exchange on which registered) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
ITEM 8.01 OTHER EVENTS
On May 26, 2024, Educational Development Corporation (the “Company” or “Landlord”) entered into a triple-net (“NNN”) lease (the “Lease”) agreement for approximately 111,000 square feet of available office and warehouse space in it’s property located at 5402 S. 122nd East Ave, Tulsa, OK 74146 (the“Hilti Complex”) to a new tenant (“Tenant”). The initial lease term is five years, commencing July 1, 2024, and includes an option to extend the lease term for an additional five years. The initial lease rate shall be $9.05 per rentable square foot, with 3% escalations at the beginning of each year of the Lease. The Lease includes standard NNN terms such that the Tenant shall be responsible for utilities, insurance, property taxes and repairs and maintenance, excluding roof and structure, which shall be the Landlords’s responsibility. The Lease also includes other terms considered to be normal and customary in the local market.
The foregoing descriptions are a summary of the material terms of the Lease and are not complete. These descriptions are qualified in all respects subject to the actual provisions of the Lease agreement.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
SIGNATURE
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Educational Development Corporation
By: /s/ Craig M. White
Craig M. White
President and Chief Executive Officer
Date: May 30, 2024
false
0000031667
0000031667
2024-05-26
2024-05-26
Exhibit 99.1
PRESS RELEASE
EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
EXECUTION OF NEW TENANT LEASE AGREEMENT FOR AVAILABLE SPACE AT HILTI COMPLEX
TULSA, OK, May 30,2024—Educational Development Corporation (“EDC” or “Landlord”) (NASDAQ: EDUC) (http://www.edcpub.com) announced it has entered into a triple-net (“NNN”) lease (the “Lease”) agreement for approximately 111,000 square feet of unused office and warehouse space in it’s property located at 5402 S. 122nd East Ave, Tulsa, OK 74146 (the “Hilti Complex”) with a new tenant (“Tenant”). The initial lease term is five years commencing July 1, 2024 and includes an option to extend the lease term for an additional five years. The initial lease rate shall be $9.05 per rentable square foot, with 3% escalations at the beginning of each year of the Lease and includes standard NNN terms.
Per Craig White, President and Chief Executive Officer, “During fiscal 2022, we implemented 2 new state-of-the-art pick and pack lines which not only add efficiencies but give us increased capacity. Given these new lines have been in operation, we are no longer using our legacy lines and thus the space that these lines occupy is currently only being used for bulk storage. The Hilti Complex was originally built as a manufacturing plant so leasing this space, and expanding our offsite bulk storage flex space, will create a strong financial improvement to our bottom line. In addition, having 3 long-term tenants in the building improves our ability to market the currently ongoing sale of the Hilti Complex. We are excited to add another financially strong tenant to the Hilti Complex and look forward to their occupancy which begins July 1, 2024.”
About Educational Development Corporation (EDC)
EDC began as a publishing company specializing in books for children. EDC is the owner and exclusive publisher of Kane Miller Books (“Kane Miller”); Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. EDC is also the exclusive United States MLM distributor of Usborne Publishing Limited (“Usborne”) children’s books. EDC-owned products are sold via 4,000 retail outlets and EDC and Usborne products are offered by independent brand partners who hold book showings through social media, book fairs with schools and public libraries, in individual homes, as well as other in-person events and internet sales.
Contact:
Educational Development Corporation
Craig White, (918) 622-4522
Investor Relations:
Three Part Advisors, LLC
Steven Hooser or Jean Marie Young, (214) 872-2710
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