FiEE, Inc. (FIEE): debt financing — Minim enters up to $1.5M bridge loan from affiliate; draws $1M initially

FiEE, Inc.

Slingshot Capital (owned by Chairperson Jeremy Hitchcock and Director Elizabeth Hitchcock) provides bridge loan up to $1.5M.
Company drew $1M on Nov 30, 2022; additional $500K at lender's sole discretion.
Interest 8% until Feb 28, 2023, then 14% until maturity Jan 15, 2024; default rate 18%.
Loan is subordinated to Silicon Valley Bank senior facility; second-priority security interest.
Company will reimburse Slingshot up to $25,000 for expenses.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FiEE, Inc. incurred term loan of up to $1,500,000 with Slingshot Capital, LLC at 8.00% per annum maturing January 15, 2024.

Instrument: term loan
Principal: up to $1,500,000
Counterparty: Slingshot Capital, LLC
Rate: 8.00% per annum
Maturity: January 15, 2024
Event: incurrence

Exact text from the filing

On November 30, 2022 (the “Effective Date”), Minim, Inc. (the “Company”), Cadence Connectivity, Inc. (“Cadence Connectivity”), the Company’s wholly owned subsidiary, and Slingshot Capital, LLC (“Slingshot Capital”) entered into a Bridge Loan Agreement (the “Loan Agreement”) pursuant to which Slingshot Capital agreed to make available a bridge loan in the principal amount up of up to $1,500,000.

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FiEE, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-034475

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