[8-K] Minim, Inc. Reports Material Event

Rhea-AI Filing Summary

Broadcom Inc. (NASDAQ: AVGO) filed a Form 8-K dated 11 July 2025 detailing two related capital-structure actions.

1. Termination of Existing Credit Agreement (Item 1.02)
• The company repaid in full and terminated its August 15 2023 credit agreement, which originally provided a $30.4 billion term-loan facility.
• Immediately before repayment, $6.0 billion of principal was outstanding; the facility would have matured in 2028 and bore interest at a floating rate (alternate base rate or Term SOFR plus a ratings-based margin).

2. New Senior-Notes Offering (Item 8.01)
• On 7 July 2025 Broadcom executed an underwriting agreement to issue $6.0 billion of unsecured senior notes:

• $1.75 billion 4.600% notes due 2030
• $1.75 billion 4.900% notes due 2032
• $2.50 billion 5.200% notes due 2035

• The notes rank pari passu with all other unsecured, unsubordinated obligations but are not guaranteed by subsidiaries, resulting in structural subordination to subsidiary debt.
• Net proceeds, together with cash on hand, were used to retire the term-loan facility described above.

Strategic Implications
• The transaction shifts $6 billion of floating-rate bank debt maturing in 2028 to fixed-rate public notes maturing between 2030–2035, extending Broadcom’s maturity ladder and removing variable-rate exposure.
• No financial statements were included; therefore, changes to leverage, coverage, or liquidity ratios are not quantified within this filing.

Positive

• Repayment of $6 billion outstanding on the 2023 term loan eliminates near-term 2028 maturity exposure.
• Issuance of $6 billion fixed-rate senior notes locks in rates through 2030–2035, reducing floating-rate risk.
• Proactive balance-sheet management demonstrates access to deep capital markets via tier-one underwriters.

Negative

• New notes lack subsidiary guarantees, making them structurally subordinated to subsidiary indebtedness.
• Longer-dated fixed coupons may carry higher nominal interest cost versus previous floating-rate loan, though figures are not provided.

Insights

Senior Financial Analyst

TL;DR – Broadcom refinances $6B term loan with $6B fixed-rate notes, extending maturities and eliminating floating-rate exposure.

Repaying the 2028 term loan with longer-dated fixed coupons simplifies Broadcom’s debt stack and locks in rates amid volatile benchmarks. The action is leverage-neutral (same principal) yet modestly beneficial to cash-flow predictability, as interest expense is now fixed through 2030–2035. While coupon levels are above recent SOFR prints, management gains certainty and avoids future spread step-ups linked to credit ratings. Overall, the move demonstrates proactive balance-sheet management and preserves liquidity by using market demand rather than cash reserves alone.

Credit Analyst

TL;DR – Refinance is structurally pari passu at parent level but notes lack subsidiary guarantees, leaving some credit risk unchanged.

From a credit standpoint, Broadcom swapped bank debt for capital-markets debt without altering total leverage. Fixed coupons mitigate rate volatility but are structurally subordinated to subsidiary liabilities because no guarantees are provided. Consequently, recovery prospects in a stress scenario could be marginally weaker for noteholders versus previous bank lenders who held upstream guarantees. The longer tenors modestly improve the company’s liquidity horizon yet leave overall leverage and subordination profile largely intact, producing a neutral credit impact.

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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): July 9, 2025

FiEE, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-37649		04-2621506
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Flat A1, 29/F, Block A, TML Tower, 3 Hoi Shing Road, Tsuen Wan, N.T., Hong Kong 00000

(Address of principal executive offices, including zip code)

852-28166813

(Registrant’s telephone number, including area code)

(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		Name of each exchange on which registered
Common Stock, $0.01 par value		FIEE		The Nasdaq Capital Market

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 July 9, 2025, FiEE, Inc. f/k/a Minim, Inc. (the “Company”) issued a press release announcing that the Company’s common stock will begin trading on the Nasdaq Capital Market under the ticker symbol “FIEE” on July 10, 2025, replacing the Company’s current ticker symbol for its common stock, “MINM.”

No action by the Company’s stockholders is required with respect to the ticker symbol change. The Company’s common stock will continue to be listed on the Nasdaq Capital Market and the CUSIP number will remain unchanged.

A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 8.01 and Exhibit 99.1, attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release of FiEE, Inc. dated as of July 9, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

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.

	FIEE, INC.
Date: July 11, 2025	By:	/s/ Li Wai Chung
		Li Wai Chung
		Chief Executive Officer

2

FAQ

Why did Broadcom (AVGO) terminate its $30.4 billion term-loan facility?

The company used proceeds from a new $6 billion senior-notes offering, plus cash on hand, to repay the remaining $6 billion outstanding and close the facility.

What are the key terms of Broadcom's new senior notes issued in July 2025?

Broadcom sold $1.75 billion 4.600% notes due 2030, $1.75 billion 4.900% notes due 2032 and $2.5 billion 5.200% notes due 2035.

Are the new Broadcom notes secured or guaranteed?

The notes are unsecured and unsubordinated at the parent level and are not guaranteed by subsidiaries, making them structurally subordinated.

How does the refinancing affect Broadcom's debt maturity schedule?

The company replaces a 2028 floating-rate maturity with fixed-rate maturities in 2030, 2032 and 2035, extending its maturity ladder.

Were any financial statements or pro-forma leverage metrics included in the 8-K?

No. The filing contains no financial statements, so changes to leverage or interest expense are not quantified.