secwatch.observer — SEC 8-K summary
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Issuer:     Spectral AI, Inc. (MDAI)
CIK:        0001833498
Form:       8-K
Filed at:   2024-03-22T23:59:59+00:00
Accession:  0001213900-24-025128
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/0001213900-24-025128-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1833498/000121390024025128/ea0202312-8k_spectra.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-025128

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