Spectral AI enters $10M equity purchase agreement with B. Riley

Spectral AI, Inc.

Company can sell up to $10M of common stock to B. Riley at its discretion over 24 months.
Purchase price set at 3.5% discount to VWAP during purchase valuation period.
Issued 40,000 commitment shares valued at $2.50 each and agreed to $75K cash commitment fee.
Stock issuance capped at 19.99% of outstanding (3,249,360 shares) unless stockholder approval or price condition met.
B. Riley prohibited from short selling or hedging during agreement term.

Key facts

Extracted from this filing and checked against the source text.

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

Spectral AI, Inc. entered into Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC valued at up to $10,000,000 in aggregate gross purchase price (effective 2023-12-26).

Action: entry
Agreement: equity purchase
Counterparty: B. Riley Principal Capital II, LLC
Value: up to $10,000,000 in aggregate gross purchase price
Effective: 2023-12-26

Exact text from the filing

Spectral AI, Inc. (the “ Company ”) entered into a Common Stock Purchase Agreement (the “ Purchase Agreement ”) and a related Registration Rights Agreement (the “ Registration Rights Agreement ”), each dated as of December 26, 2023, with B. Riley Principal Capital II, LLC (“ B. Riley Principal Capital II ”).

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Spectral AI, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-098718

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