Business Context and Reporting Period
Company: PRO-DEX, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: September 16, 2026
Reporting Period: Event date of September 16, 2026 (Effective date of amendment: August 18, 2026)
The Company entered into a Third Amendment to its Standard Industrial/Commercial Multi-Tenant Lease – Net with Irvine Business Properties. This lease covers approximately 28,180 square feet of office and industrial space at 2361 McGaw Avenue, Irvine, California, which serves as the Company's executive offices and manufacturing facility.
Key Financial Metrics
This filing is a Current Report regarding a material definitive agreement and does not contain audited financial statements, revenue, profit, cash flow, or liquidity metrics for the reporting period.
Lease Financial Terms:
- Lease Term Extension: Extended to September 30, 2030.
- Rent Increase Structure: 3.5% annual base rent increases beginning October 1, 2027.
- Base Rent (Oct 1, 2027 – Sep 30, 2028): $49,281.75 per month.
- Base Rent (Oct 1, 2028 – Sep 30, 2029): Increases by $1,724.86 per month (3.5%).
- Base Rent (Oct 1, 2029 – Sep 30, 2030): Increases by an additional $1,785.23 per month (3.5%).
Material Changes Versus Prior Period
The primary material change is the extension of the lease term for the Company's principal executive and manufacturing offices from the previous expiration date to September 30, 2030. Additionally, the agreement establishes a fixed 3.5% annual escalation in base rent starting October 1, 2027, whereas the prior lease terms did not include these specific future increases.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the execution of the Third Amendment to secure the Company's operational footprint in Irvine, California, through 2030.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies beyond the standard obligations of the lease agreement. The Company notes that any summary of the lease is qualified in its entirety by reference to the complete text of the Lease and its amendments.
Unusual Items: None reported in this filing.
Important Facts for Investor Verification
- Verify the total committed lease obligation through September 30, 2030, based on the new rent schedule.
- Confirm the impact of the 3.5% annual rent increases on future operating expenses starting October 1, 2027.
- Review the full text of the Third Amendment (Exhibit 10.1) for any covenants or conditions not summarized in the 8-K.
- Assess the strategic importance of the Irvine, California facility to the Company's manufacturing and executive operations.