secwatch.observer — SEC 8-K summary
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Issuer:     Duolingo, Inc. (DUOL)
CIK:        0001562088
Form:       8-K
Filed at:   2023-12-19T23:59:59+00:00
Accession:  0001562088-23-000254
Event type: other_material
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Duolingo sub-subleases 85,666 sq ft NYC office from Spotify; term through 2034
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- Sub-sublease from Spotify USA Inc. for 85,666 sq ft at 4 World Trade Center; term until April 2034 (~10 years).
- Initial base rent $62/sq ft/yr ($442,608/month) triple net; increasing to $67/sq ft/yr in year 6.
- Rent payments begin 20 months after commencement; security deposit replaced by $2.66M letter of credit.
- Sub-lease effective Jan 1, 2024, subject to landlord consent; CFO Matthew Skaruppa signed for Duolingo.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1562088/000156208823000254/0001562088-23-000254-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1562088/000156208823000254/duol-20231218.htm
  HTML page:      https://secwatch.observer/filing/0001562088-23-000254

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer