secwatch.observer — SEC 8-K summary
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Issuer:     CARLSMED, INC. (CARL)
CIK:        0001794546
Form:       8-K
Filed at:   2025-10-30T23:59:59+00:00
Accession:  0001193125-25-258525
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Carlsmed secures up to $50M credit facility from Customers Bank; $17.5M contingent on revenue milestones
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- Term loan of up to $50M ($32.5M immediate, plus $7.5M and $10M upon achieving $60M and $90M trailing revenue milestones) with interest at Prime+0.25% (floor 5.25%).
- $10M non-formula revolving line fully available immediately; aggregate borrowing limit $50M.
- Term loan matures Oct 2030 with interest-only through Oct 2027 (extendable to Oct 2028 if milestones met).
- Company must maintain at least $20M cash at Bank at all times; additional minimum revenue covenants if cash < outstanding debt.
- Warrants modified: Series B reduced from 58,420 to 52,776 shares; Series C from 20,375 to 10,188 shares; 15,831 contingent shares cancelled.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1794546/000119312525258525/0001193125-25-258525-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1794546/000119312525258525/carl-20251029.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-258525

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer