Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), a wholesale motor vehicle and parts supplier, has entered into a new lease agreement for office space in Irvine, California. The lease, which began on Monday, will run through July 31, 2027.
The North Carolina-based company disclosed the lease for approximately 15,000 square feet at 8707 Research Drive in a recent SEC filing. The space will serve as a general office for the company. The monthly base rent will start at $42,000 and increase to $45,427 over the term.
West Buy Media Inc., a company owned by Cheetah Net's CEO Huan Liu, is acting as the guarantor for the lease. A security deposit of $100,000 has been posted, with stipulations for its use outlined in the agreement.
This financial obligation is part of the company's broader expansion strategy and reflects its commitment to growing its operations. The lease includes customary provisions for termination, renewal, and expenses.
The details of the lease will be included in Cheetah Net Supply Chain Service Inc.'s next quarterly financial report. This move is a significant step for the company as it continues to develop its business infrastructure. The information provided is based on a press release statement.
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