Snail, Inc. (SNAL): debt financing — Snail Games grants exclusive global rights to Marbis for Ark franchise servers and secures up to $4.05M funding

Snail, Inc.

Snail Games USA grants Marbis exclusive 7-year global rights to host and run official and private servers for Ark: Survival Evolved, Ascended, and Ark II.
Marbis agrees to provide up to $3,000,000 in cash tranches (max $500K each) within 5 business days of drawdown notice.
Outstanding $1,046,932 in server lease fees from March-June 2023 is included in total funding of $4,046,932.
Cooperation Agreement covers server hosting, licensing, and sublicensing rights, with exclusive and irrevocable terms.

item 1.01 item 2.03 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

Snail, Inc. incurred loan of up to the principal amount of $4,046,932 with Marbis GmbH.

Instrument: loan
Principal: up to the principal amount of $4,046,932
Counterparty: Marbis GmbH
Event: incurrence

Exact text from the filing

subject to the terms and conditions of the Cooperation Agreement, Marbis has agreed to grant to the Company funding up to the principal amount of $4,046,932, which includes the outstanding amount of $1,046,932 accrued in March 2023 through June 2023 the Company has not made payment of to Marbis in connection with leasing official servers for the functional hosting of Ark SE to the Company.

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

Snail, Inc. entered into Cooperation Agreement with Marbis GmbH valued at $4,046,932 (effective 2023-07-26).

Action: entry
Agreement: collaboration
Counterparty: Marbis GmbH
Value: $4,046,932
Effective: 2023-07-26

Exact text from the filing

On July 26, 2023, Snail Games USA Inc. (the “Company”) entered into a Cooperation Agreement (the “Cooperation Agreement”) with Marbis GmbH (“Marbis”).

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

Snail, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-026297

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