{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-152073","form_type":"8-K","ticker":"STEM","cik":"0001758766","company_name":"STEM, INC.","filed_at":"2025-06-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.611502+00:00","generated_at":"2026-05-18T13:44:34.393859+00:00","sec_items":["1.01","2.03","3.02","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Stem exchanges $350M convertible notes for $155M new notes, reduces debt ~$195M","bullets":["Exchanged $229M of 0.50% 2028 notes (77% of outstanding) and $121M of 4.25% 2030 notes (51% of outstanding).","Issued $155M of new 12.00%/11.00% Senior Secured PIK Toggle Notes due 2030 and warrants for 439,919 shares at $30 strike.","Received $10M cash; outstanding debt reduced by ~$195M; net debt after exchange: $68M (2028), $119M (2030), $155M (new).","New notes are senior secured, first-priority lien on substantially all assets, with optional PIK interest and maturity December 2030.","CEO Arun Narayanan and CFO Doran Hole highlight improved balance sheet flexibility and ability to execute software-focused strategy."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-152073","json":"https://secwatch.observer/filing/0001193125-25-152073.json","markdown":"https://secwatch.observer/filing/0001193125-25-152073.md","text":"https://secwatch.observer/filing/0001193125-25-152073.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1758766/000119312525152073/0001193125-25-152073-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1758766/000119312525152073/d63876d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T13:44:34.393859+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"495a33301f0c035be39e0d2b1098ecb4392054d1","claim":"STEM, INC. incurred senior notes of $155,426,583 with U.S. Bank Trust Company, National Association at 12.00% per annum on the principal amount thereof if interest is paid in kind, su maturing the earlier of (a) December 30, 2030, (b) the date, if any, on or after June 30, 2028 on which (x) the aggregate principal amount of the 2028 Convertible Notes.","evidence_excerpt":"to exchange (the “Exchange”) (i) $228,818,000 principal amount of the 2028 Convertible Notes and (ii) $121,310,000 principal amount of the 2030 Convertible Notes (clauses (i) and (ii) together, the “Exchanged Notes”) and (iii) $10,000,000 of cash, less amounts in lieu of fractional notes, for (a) $155,426,583 in aggregate principal amount of the Company’s new 12.00%/11.00% Senior Secured PIK Toggle Notes due 2030 (the “New Notes”), (b) Warrants (the “Warrants”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1758766/000119312525152073/0001193125-25-152073-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$155,426,583"},{"label":"Counterparty","value":"U.S. Bank Trust Company, National Association"},{"label":"Rate","value":"12.00% per annum on the principal amount thereof if interest is paid in kind, su"},{"label":"Maturity","value":"the earlier of (a) December 30, 2030, (b) the date, if any, on or after June 30, 2028 on which (x) the aggregate principal amount of the 2028 Convertible Notes"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}