Item 1.01 Entry into a Material Definitive Agreement
On June 13, 2023, ProKidney Corp. (the "Company") announced its agreement to
purchase a 210,000 square foot facility and approximately 22 acres of land in
Greensboro, N.C., to support the Company's future commercial manufacturing needs
for REACT®, its proprietary REnal Autologous Cell Therapy, currently in Phase 3
development for the treatment of diabetic chronic kidney disease. Under the
purchase agreement (the "Agreement"), the Company will pay approximately
$25.5 million in cash for the facility and property. The transaction is expected
to close by the end of June 2023, subject to customary closing conditions.
In connection with the Agreement, the city of Greensboro, N.C., Guilford County,
N.C., and the North Carolina State Economic Investment Committee have each
approved an incentive package under which the Company is eligible to receive up
to an aggregate of $13.3 million in tax credits based upon the achievement of
certain milestones, including the creation of at least 330 new jobs on or before
December 31, 2028 and project investment of approximately $458 million made, or
caused to be made, by the Company in real and personal property by December 31,
2027.
The foregoing description of the Agreement is qualified in its entirety by
reference to the full text of such agreement, which the Company intends to file
as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending
June 30, 2023. A copy of the press release announcing the Agreement is attached
to this Current Report as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press Release dated June 13, 2023
104 Cover Page Interactive Data File (embedded within Inline XBRL document)
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