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

 

Exhibit
Number

Description
 

 

99.1

Press Release dated May 30, 2024

104

Cover Page Interactive Data File (formatted as Inline XBRL)

 

 
 

 

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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Document And Entity Information
May 26, 2024
Document Information Line Items  
Entity Registrant Name EDUCATIONAL DEVELOPMENT CORPORATION
Trading Symbol EDUC
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0000031667
Document Period End Date May 26, 2024
Entity Emerging Growth Company false
Entity Incorporation, State or Country Code DE
Entity File Number 000-04957
Entity Tax Identification Number 73-0750007
Entity Address, Address Line One 5402 S 122nd E Avenue
Entity Address, City or Town Tulsa
Entity Address, State or Province OK
Entity Address, Postal Zip Code 74146
City Area Code (918)
Local Phone Number 622-4522
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.20 par value
Security Exchange Name NASDAQ
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