Neutron Holdings, Inc. 8-K

What Happened Neutron Holdings, Inc. (LIME) filed an 8‑K reporting that it completed its initial public offering on July 2, 2026 and concurrently entered into a new $200.0 million senior secured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent. The IPO sold 6,956,522 shares at $25.00 per share (6,679,791 by the company), generating approximately $167 million in gross proceeds to the company. As of the filing date, there were no borrowings under the new credit facility.

Key Details

• IPO: 6,956,522 shares sold at $25.00; gross proceeds to the company ≈ $167 million (company sold 6,679,791 shares; selling stockholders sold 276,731).
• Credit Facility: $200.0 million senior secured revolver, secured by substantially all assets (including IP and certain subsidiary equity), maturity July 2031; available in Term SOFR or base rate loans.
• Pricing & fees: interest spreads tied to leverage; base rate spreads 0.50%–1.25%, Term SOFR spreads 1.50%–2.25%; commitment fee 0.25%–0.40%; fronting fee for letters of credit up to 0.125% p.a.
• Financial covenants: maximum total net leverage ratio of 3.25:1 and minimum fixed charge coverage ratio of 1.25:1, each measured on any four‑quarter period beginning with the period ending Sept 30, 2026.
• Debt payoff and releases: the company used part of IPO proceeds to fully repay a $115.0 million senior secured term loan under the Diameter Credit Agreement; those obligations, related liens and guarantees (including a guaranty by Uber Technologies, Inc.) were terminated and released.
• Corporate governance: amended and restated certificate of incorporation and bylaws became effective in connection with the IPO.

Why It Matters This 8‑K shows two major balance‑sheet events: the IPO provided immediate equity capital (≈$167M gross) and the new $200M revolver establishes a committed source of liquidity while replacing the prior $115M term loan. For investors, the covenant limits (leverage and coverage ratios) and the asset‑backed nature of the revolver are important constraints and protections that may affect future borrowing, dividends, stock repurchases and strategic actions. The termination of the prior loan and release of guaranties removes prior secured obligations and related encumbrances on the company’s assets.