Firy to redeem $49.7M in secured notes on October 15
If completed with satisfaction and discharge of the indenture, the redemption would release liens securing the Notes and end their related covenants.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Firy Inc. delivered notice to redeem all of its outstanding 10.250% Secured Notes due 2026 on October 15, 2026. Principal outstanding was $49.671 million as of October 5, 2026; the redemption price is 100.000% of principal plus accrued and unpaid interest, if any, to but excluding the redemption date. Firy intends to fund the redemption with proceeds from its previously announced sale of its equity stake in Exit Games.
Upon completion and satisfaction and discharge of the indenture, no Notes would remain outstanding and Firy would have no indebtedness for borrowed money. The October redemption is expected to save approximately $0.8 million in cash interest; together with the August 2026 redemption, the transactions are expected to save approximately $3.6 million in cash interest through the December 15, 2026 maturity. The press release describes the retirement of the $300 million Notes as involving no new capital raised or shareholder dilution. CFO Alex Walsh said Firy expects modest positive operating cash flow in 2027 and revenue more than doubling from 2025 to 2028.
1 point · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.FIRY expects no borrowed debt after retiring $300 million Notes. 1.4× market cap
Negative
- None.
Filing Explained
After the
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Principal outstanding: $49.671 million
Interest rate: 10.250%
Redemption price: 100.000% of principal
+5 more
8 metrics
Principal outstanding
$49.671 million
As of October 5, 2026; Secured Notes due 2026
Interest rate
10.250%
Secured Notes due 2026
Redemption price
100.000% of principal
Plus accrued and unpaid interest, if any, to but excluding the redemption date
Redemption date
October 15, 2026
Scheduled redemption of all outstanding Notes
Expected October cash-interest savings
Approximately $0.8 million
Expected from the October 2026 redemption
Expected combined cash-interest savings
Approximately $3.6 million
Together with the August 2026 redemption, through the December 15, 2026 maturity
Notes principal described as retired
$300 million
Full Notes retirement described in the press release
Notes maturity date
December 15, 2026
Maturity of the Secured Notes
Key Terms
redemption price, aggregate principal amount, indenture, satisfaction and discharge
4 terms
redemption price financial
"at a redemption price equal to 100.000% of the principal amount"
The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.
aggregate principal amount financial
"$49,671,000 aggregate principal amount of the Notes was outstanding"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
indenture financial
"the indenture governing the Notes"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
satisfaction and discharge financial
"the related satisfaction and discharge of the indenture"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much interest does FIRY expect to save from the note redemptions?
FIRY expects the October 2026 redemption to save approximately $0.8 million in cash interest. Together with the August 2026 redemption, the transactions are expected to save approximately $3.6 million in cash interest that otherwise would have accrued through the December 15, 2026 maturity.
What happens to FIRY's liens and indenture covenants after the notes are redeemed?
Upon completion of the redemption and related satisfaction and discharge of the indenture, the liens securing the Notes would be released, and FIRY would no longer be subject to the covenants under the indenture governing the Notes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (415 ) 762-0511
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On October 5, 2026, Firy Inc. (formerly Skillz Inc.) (the “Company”) delivered a notice of full redemption (the “Notice”) to redeem all of the Company’s outstanding 10.250% Secured Notes due 2026 (the “Notes”) on October 15, 2026 (the “Redemption Date”) at a redemption price equal to 100.000% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (the “Redemption”). As of October 5, 2026, $49,671,000 aggregate principal amount of the Notes was outstanding. UMB Bank, N.A. is serving as trustee for the Notes and as paying agent for the Redemption.
On October 6, 2026, the Company issued a press release announcing the Redemption. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. | ||||||||||||||||
| Exhibit Number | Description | |||||||||||||||||||||||||
| 99.1 | Press Release, dated October 6, 2026. | |||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) | |||||||||||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRY INC. | ||||||||
| By: | /s/ Todd A. Valli | |||||||
| Name: | Todd A. Valli | |||||||
| Title: | Chief Accounting Officer | |||||||
Date: October 6, 2026 | ||||||||
Exhibit 99.1 FIRY TO REDEEM REMAINING $49.7 MILLION OF NOTES, COMPLETING FULL REPAYMENT OF $300 MILLION DEBT Early debt redemption with no new capital raised and no shareholder dilution LAS VEGAS – Oct. 6, 2026 – Firy Inc. (NYSE: FIRY) ("FIRY" or the "Company") today announced that it has delivered notice to redeem the remaining approximately $49.7 million aggregate principal amount of its outstanding 10.25% Secured Notes due 2026 (the "Notes") on October 15, 2026 (the "Redemption Date"). The Notes will be redeemed at 100% of principal, plus accrued and unpaid interest to, but excluding, the Redemption Date. Upon completion of the redemption, and the related satisfaction and discharge of the indenture, no Notes would remain outstanding and FIRY would have no outstanding indebtedness for borrowed money. The liens securing the Notes would be released, and the Company would no longer be subject to the covenants under the indenture governing the Notes. The Company intends to fund the redemption with proceeds from the previously announced sale of its equity stake in Exit Games, as described in the Company's Current Report on Form 8-K filed on October 5, 2026. The October redemption is expected to save the Company approximately $0.8 million in cash interest. Together with the August 2026 redemption, these transactions are expected to save the Company approximately $3.6 million in cash interest that otherwise would have accrued through the December 15, 2026 maturity date. “The December 15 debt wall is coming down,” said Andrew Paradise, CEO and Founder of FIRY. “This redemption completes the retirement of our $300 million Notes ahead of their maturity, with no new capital raised and no shareholder dilution. We believe we have the capital to run and grow our businesses and fund our litigation if necessary. Going forward, we expect to use debt when we believe it can enhance equity returns. The next chapter is about what we build from here.” "Retiring the Notes is another step in our 100-year journey," added Alex Walsh, CFO of FIRY. "We expect to enter 2027 without outstanding borrowed debt and with greater flexibility. Without debt service, more cash will be available to invest in the businesses as we focus on growing revenue and AEBITDA, supporting our guidance of modest positive operating cash flow in 2027 and revenue more than doubling from 2025 to 2028. We will consider debt in the future when we believe it enhances equity returns." About Firy Inc. FIRY is a global holding company built to fuel business potential. Through its growing portfolio, including Skillz, RZR, and Beamable, FIRY operates at the intersection of content, identity, commerce, and performance marketing. By leveraging first-party data, enterprise-scale infrastructure, and scalable operating systems, FIRY supports growth, while maintaining a disciplined focus on capital efficiency and long-term value creation.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements include all statements other than statements of historical fact, including but not limited to, statements regarding our reinvestment plans and guidance regarding 2027 operating cash flow and revenue growth. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in FIRY's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and in our subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. FIRY undertakes no obligation to update or revise any forward- looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Media Contact: Seth Medvin, Head of Communications smedvin@firy.com comms@firy.com Investor Contact: Richard Land/Devon Chase Alliance Advisors Investor Relations FIRY_IR@allianceadvisors.com