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Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events  
Subsequent Events

Note 20 Subsequent Event

On February 18, 2021, the Company entered into a lease agreement through 2037 for a new manufacturing facility in San Jose, California in order to expand its manufacturing capabilities to meet growing demand for its advanced laser annealing technology that serves the world’s leading semiconductor technology companies. With the transition to the new facility, the Company will remain in the Silicon Valley area in close proximity to leading U.S. semiconductor companies. The lease agreement contains two renewal options for a period of three years each, and has various escalation and abatement clauses, with annual base rent payable of between $2.0 million and $3.7 million through the initial lease period as well as certain other expenses, including maintenance, real estate taxes, and insurance. In addition, the lease agreement includes a tenant improvement allowance of $6.8 million to be used for the initial build-out.