---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-025128"
form_type: "8-K"
ticker: "MDAI"
cik: "0001833498"
company_name: "Spectral AI, Inc."
filed_at: "2024-03-22T23:59:59+00:00"
generated_at: "2026-06-04T09:12:18.083892+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Spectral AI enters $30M standby equity purchase agreement with Yorkville, gets $5M note

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-24-025128
- form_type: 8-K
- ticker: MDAI
- cik: 0001833498
- company_name: Spectral AI, Inc.
- filed_at: 2024-03-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/0001213900-24-025128-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/ea0202312-8k_spectra.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-025128
- JSON: https://secwatch.observer/filing/0001213900-24-025128.json
- Plain text: https://secwatch.observer/filing/0001213900-24-025128.txt

## Key facts
- Debt Financings
  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
  source text: ith YA II PN, LTD, a Cayman Islands exempt limited partnership (“ Yorkville ”) pursuant to which the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/0001213900-24-025128-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/0001213900-24-025128-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.