Micron Technology Enters Material Definitive Agreement

TL;DR

Micron just signed a big deal, details TBD.

AI Summary

On December 9, 2024, Micron Technology, Inc. entered into a material definitive agreement. The filing does not provide specific details about the agreement, its terms, or any associated financial figures. Further information is expected to be disclosed in subsequent filings.

Why It Matters

This filing indicates a significant new contract or partnership for Micron Technology, which could impact its future revenue and strategic direction.

Risk Assessment

Risk Level: medium — The lack of specific details in this filing creates uncertainty about the nature and impact of the agreement.

Key Players & Entities

• Micron Technology, Inc. (company) — Registrant

FAQ

Key Financial Figures

• $0.10 — h registered Common Stock, par value $0.10 per share MU Nasdaq Global Select M
• $1.5 billion — a grant in a maximum funding amount of $1.5 billion (the "Idaho Award") for the constructio
• $4.6 billion — k grants in a maximum funding amount of $4.6 billion for the construction of two fab facilit
• $65 million — so include an additional grant of up to $65 million for workforce development activities re
• $275 million — ith the Department for a grant of up to $275 million pursuant to Micron Virginia's applicati
• $6.44 billion — e represent total CHIPS grants of up to $6.44 billion in connection with the Company's U.S. m

Filing Documents

• tm2430615d1_8k.htm (8-K) — 43KB
• tm2430615d1_8kimg001.jpg (GRAPHIC) — 9KB
• 0001104659-24-127174.txt ( ) — 239KB
• mu-20241209.xsd (EX-101.SCH) — 3KB
• mu-20241209_lab.xml (EX-101.LAB) — 33KB
• mu-20241209_pre.xml (EX-101.PRE) — 22KB
• tm2430615d1_8k_htm.xml (XML) — 3KB

From the Filing

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 December 9, 2024 Date of Report (date of earliest event reported) Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 1-10658 75-1618004 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 8000 South Federal Way Boise , Idaho 83716-9632 (Address of principal executive offices and Zip Code) ( 208 ) 368-4000 (Registrant's telephone number, including area code) 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, par value $0.10 per share MU Nasdaq Global Select 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. Item1.01 Entry into a Material Definitive Agreement. Direct Funding Agreements On December 9, 2024 (the "Award Date"), two wholly-owned subsidiaries of Micron Technology, Inc. (the "Company"), Micron Idaho Semiconductor Manufacturing (Triton) LLC, a Delaware limited liability company ("Micron Idaho"), and Micron New York Semiconductor Manufacturing LLC, a Delaware limited liability company ("Micron New York") entered into direct funding agreements (each, a "Funding Agreement" and, collectively, the "Funding Agreements") with the United States Department of Commerce (the "Department") under the Department's CHIPS Incentives Program established pursuant to the CHIPS and Science Act of 2022 (the "CHIPS Act"). In addition, the Company entered into a guarantee and equity contribution agreement (the "Guarantee") with the Department. Micron Idaho and Micron New York are, collectively, referred to as the "Project Subsidiaries." Under the Funding Agreement with Micron Idaho (the "Idaho Funding Agreement"), the Department has awarded Micron Idaho a grant in a maximum funding amount of $1.5 billion (the "Idaho Award") for the construction of a fab facility in Boise, Idaho. Under the Funding Agreement with Micron New York (the "NY Funding Agreement") the Department has awarded Micron New York grants in a maximum funding amount of $4.6 billion for the construction of two fab facilities in Clay, New York (the "NY Award" and together with the Idaho Award, the "Project Awards"). The construction of the fab facilities is referred to collectively as the "Projects." The Funding Agreements also include an additional grant of up to $65 million for workforce development activities related to the Projects. The Company elected not to pursue the government loans proposed by the Department for the Projects, which were previously disclosed as included in the non-binding preliminary memorandum of terms between the Company and the Department. Under the Funding Agreements, the Department will disburse the funding of the Project Awards to the respective Project Subsidiaries based on the achievement of construction, tool installation and wafer production milestones for the applicable Project, with each disbursement reimbursing the applicable Project Subsidiary for eligible Project costs. The Company retains discretion with respect to capacity and production volume ramp of each Project. Disbursements are subject to various conditions precedent, including compliance with representations, warranties, covenants and the absence of defaults under the applicable Funding Agreement and related documents. The Funding Agreements contain representations, warranties and affirmative and negative covenants applicable to the Project Subsidiaries (and in certain cases the Company and/or its affiliates), including representations, warranties, and covenants customary for project financing agreements, that relate to compliance with requirements for award recipients expressly provided for in the CHIPS Act, and that relate