FiEE, Inc. (FIEE): debt financing — Minim reduces SVB credit line to $10M, waives default, extends maturity to Jan 2024

FiEE, Inc.

Credit line cut from $25M to $10M; maturity extended to Jan 15, 2024.
Default for entering $1.5M Slingshot bridge loan waived; new liens subordinated.
New interest: Prime +1% floor 4.25%; borrowing base 60% eligible accounts plus inventory cap $3.5M.
Weekly 13-week cash flow reports and lockbox on accounts receivable required.
Director Daniel Artusi resigned (no disagreement); Patrick Rivard elected to board, chair of nominating & governance and audit member.

item 1.01 item 2.03 item 3.03 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Patrick Rivard

Director

FIEE · FiEE, Inc.

Effective: 2022-12-13
Filed: December 16, 2022, 6:59 PM ET

On December 13, 2022, the Board elected Patrick Rivard to the Board, effectively immediately.

Departed

Daniel Artusi

Director

FIEE · FiEE, Inc.

Effective: 2022-12-13
Filed: December 16, 2022, 6:59 PM ET

On December 13, 2022, Daniel Artusi resigned from the Board of Directors (the “Board”) of the Company.

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. amended revolving credit of $10 million with Silicon Valley Bank maturing January 15, 2024.

Instrument: revolving credit
Principal: $10 million
Counterparty: Silicon Valley Bank
Maturity: January 15, 2024
Event: amendment

Exact text from the filing

decreases the aggregate amount available under the revolving credit line from $25 million to $10 million, (ii) extends maturity to January 15, 2024, and (iii) provides a waiver for an existing default under the Loan Agreement

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Executive change SEC 8-K Item 5.02 confidence 0.95

Patrick Rivard was elected as Director at FiEE, Inc..

Action: elected
Role: Director

Exact text from the filing

On December 13, 2022, the Board elected Patrick Rivard to the Board, effectively immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel Artusi resigned as Director at FiEE, Inc..

Action: resigned
Role: Director

Exact text from the filing

On December 13, 2022, Daniel Artusi resigned from the Board of Directors (the “Board”) of the Company.

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

FiEE, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-035758

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