Spectral AI, Inc. (MDAI): debt financing — Spectral AI enters $30M standby equity purchase agreement with Yorkville, gets $5M note

Spectral AI, Inc.

Company may sell up to $30M of common stock to Yorkville at 97% of lowest 3-day VWAP.
Yorkville provides up to $12.5M in convertible notes; first $5M tranche funded at $3.16/share fixed conversion.
Second $5M tranche due after SEC registration effectiveness or shareholder approval; third $2.5M 60 days later.
Convertible notes bear 0% interest (18% default), mature in 12 mo; variable conversion at 85% of VWAP, floor $0.47.
Commitment fees: $25k due diligence, 94,937 shares, plus $75k at six-month anniversary.

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 convertible notes of $5.0 million with YA II PN, LTD at 0% maturing 12 months after the issuance date.

Instrument: convertible notes
Principal: $5.0 million
Counterparty: YA II PN, LTD
Rate: 0%
Maturity: 12 months after the issuance date
Event: incurrence

Exact text from the filing

ith YA II PN, LTD, a Cayman Islands exempt limited partnership (“ Yorkville ”) pursuant to which the Company

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

Spectral AI, Inc. entered into Standby Equity Purchase Agreement with YA II PN, LTD valued at up to $30.0 million (effective 2024-03-20).

Action: entry
Agreement: equity purchase
Counterparty: YA II PN, LTD
Value: up to $30.0 million
Effective: 2024-03-20

Exact text from the filing

On March 20, 2024, Spectral AI, Inc. (the “ Company ”) entered into the Standby Equity Purchase Agreement (“ SEPA ”) with YA II PN, LTD, a Cayman Islands exempt limited partnership (“ Yorkville ”) pursuant to which the Company has the right to sell to Yorkville up to $30.0 million of its shares of common stock

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

Spectral AI, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-025128

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