Minim converts $1.13M debt into 734,343 shares; affiliates' voting stake rises to 55%

FiEE, Inc.

Converted $1,000,000 principal plus $125,778 accrued interest into 734,343 common shares at $1.533/share.
Debt owed to Slingshot Capital, owned by Executive Chairperson Jeremy Hitchcock and former director Elizabeth Hitchcock.
Post-conversion, affiliates' voting interest increases from ~38% to ~55%.
All loan agreements and security interests terminated; debt fully satisfied.
Conversion price based on weighted average price on Sept 13 and Nov 28, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FiEE, Inc. entered into Debt Conversion Agreement with Slingshot Capital, LLC valued at Issuance of 734,343 shares of common stock in exchange for cancellation of $1,000,000 principal plus (effective 2023-12-06).

Action: entry
Agreement: credit facility
Counterparty: Slingshot Capital, LLC
Value: Issuance of 734,343 shares of common stock in exchange for cancellation of $1,000,000 principal plus
Effective: 2023-12-06

Exact text from the filing

On December 6, 2023, Minim, Inc. (the “Company”) and Slingshot Capital, LLC (“Slingshot Capital”) entered into a Debt Conversion Agreement (“Conversion Agreement”) pursuant to which the Company agreed to issue 734,343 shares of the Company’s common stock (based on $1.533 per share) (the “Shares”) in exchange for the cancellation of a total principal amount of $1,000,000 (“Principal Amount”) outstanding under the Bridge Loan Agreement and Bridge Term Note (collectively, the “Loan Agreements”), with Slingshot Capital, plus $125,778 in accrued and unpaid interest on such Principal Amount as of December 6, 2023.

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FiEE, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-044651

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