Spectral AI, Inc. (MDAI): debt financing — Spectral AI closes $15M debt facility with $2.7M equity raise; $14M cash for DeepView launch

Spectral AI, Inc.

Debt financing of up to $15M from Avenue Capital Group; initial draw $8.5M, maturity March 2028, interest-only for 15 months.
Equity offering of 2,076,923 shares at $1.30/share plus warrants at $1.80; gross proceeds $2.7M.
Second tranche of $6.5M debt contingent on FDA clearance of DeepView System plus $7M equity raise.
Company has over $14M cash on hand; no additional stock sales for 180 days.
Placement agents: SP Angel (UK) and Dominari Securities (US).

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

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

Spectral AI, Inc. incurred credit facility of Not specified with Avenue Venture Opportunities Fund II, L.P. at greater of (i) Prime Rate + 5.25% and (ii) 12.75% maturing Not specified.

Instrument: credit facility
Principal: Not specified
Counterparty: Avenue Venture Opportunities Fund II, L.P.
Rate: greater of (i) Prime Rate + 5.25% and (ii) 12.75%
Maturity: Not specified
Event: incurrence

Exact text from the filing

As described in Item 1.01 above, on March 21, 2025, the Company entered into the Debt Financing pursuant to the terms of the LSA and Supplement with Avenue. The Debt Financing is secured by a security interest in substantially all of the assets of the Company subject to certain exclusions. Pursuant to the LSA, the interest rate is a variable rate of interest per annum equal to the greater of (i) the sum of (A) the Prime Rate (as defined in the Supplement) plus (B) five and one-quarter of one percent (5.25%), and (ii) twelve and three-quarters of one percent (12.75%).

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

Spectral AI, Inc. filing history →

Source: SEC EDGAR

accession 0001013762-25-002818

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