Marpai, Inc. (MRAI): debt financing — Marpai issues $11.83M convertible debentures; net proceeds $11M; conversion $3.00/share

Marpai, Inc.

Aggregate principal $11.83M; purchase price $11M; OID of $830,000.
Interest at prime + 5.75%; monthly principal payments of $140k from Oct 2024; maturity Apr 2027.
Convertible at $3.00/share; anti-dilution floor at $2.23 (closing price on Apr 12, 2024).
Secured by first-priority liens on assets; guarantees from CEO Damien Lamendola and Hillcour Holding.
Registration required by May 30, 2024; liquidated damages for delay.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Marpai, Inc. incurred convertible notes of $11,830,000 with JGB Collateral LLC, as collateral agent at prime interest rate plus 5.75% per annum maturing April 15, 2027.

Instrument: convertible notes
Principal: $11,830,000
Counterparty: JGB Collateral LLC, as collateral agent
Rate: prime interest rate plus 5.75% per annum
Maturity: April 15, 2027
Event: incurrence

Exact text from the filing

the Company agreed to sell to the Purchasers Senior Secured Convertible Debentures (the “Debentures”) in an aggregate principal amount of $11,830,000

View on SEC.gov

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

Marpai, Inc. entered into Securities Purchase Agreement with the Purchasers valued at $11,830,000 (effective 2024-04-15).

Action: entry
Agreement: notes offering
Counterparty: the Purchasers
Value: $11,830,000
Effective: 2024-04-15

Exact text from the filing

On April 15, 2024, Marpai, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with each of the purchasers that are parties thereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”) and JGB Collateral LLC, a Delaware limited liability company, as collateral agent for the Purchasers (the “Agent”).

View on SEC.gov

310 debt financings filed in the last 30 days. Browse all debt financings →

Marpai, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-045089

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.