Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 16, 2024, the Company signed a maximum credit agreement with Bank of Communications, China. for 40 million Chinese renminbi (approximately US $5.7 million). This credit is collateralized by the Wuxi building purchased in November 2023 as disclosed in Note 12. Among the total 40 million renminbi (approximately US $5.7 million), 20 million Chinese renminbi (approximately US $2.8 million) served as collateral for the loan. The remaining 20 million Chinese renminbi (approximately US $2.8 million) can be borrowed, as needed, as a short-term loan for normal business operation requirements. The line of credit is available from December 25, 2023 to December 25, 2024.

On February 28, 2024, Cytek (Wuxi) Biosciences Co., Ltd, the Company’s China subsidiary (“Cytek Wuxi”), based on the above mentioned line of credit, entered a one year loan agreement with Bank of Communications, China. The loan is denominated in Chinese renminbi and collateralized by the building purchased by Cytek Wuxi in November, 2023. The total loan amount was 10 million Chinese renminbi (approximately US $1.4 million) and the interest rate is fixed at 3.45%. The loan effective term is February 28, 2024 to February 28, 2025. The interest expenses will be paid on a monthly basis. The loan will be used to pay employees' payroll or suppliers' invoices.

On February 29, 2024, the Company exercised its right to terminate one of its Seattle, Washington leases. Pursuant to the early termination provision in the lease agreement, the Company paid an early termination fee of $0.1 million. Accordingly, the lease will expire on August 31, 2024 rather than on its original expiration date of December 31, 2026. This reduces our future lease payments of $0.2 million.