{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-030672","form_type":"8-K","ticker":"SNAL","cik":"0001886894","company_name":"Snail, Inc.","filed_at":"2023-08-30T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.997711+00:00","generated_at":"2026-06-11T02:06:27.916983+00:00","sec_items":["1.01","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Snail raises $1M in convertible note first tranche; $5M equity line also closed","bullets":["First tranche of convertible note: $1,080,000 principal, gross proceeds $1,000,000, 7.4% OID, 7.5% interest, conversion at 90% of three lowest VWAPs.","Warrants to purchase up to 714,285 shares at $1.89, exercisable from Nov 24, 2023 for five years.","Second tranche of $1,080,000 subject to conditions including effective resale registration statement.","Equity line of credit: up to $5,000,000 of common stock with warrant for 367,647 shares at $1.50.","Resale registration statement must be filed within 30 days and declared effective within 90 days."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-030672","json":"https://secwatch.observer/filing/0001493152-23-030672.json","markdown":"https://secwatch.observer/filing/0001493152-23-030672.md","text":"https://secwatch.observer/filing/0001493152-23-030672.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1886894/000149315223030672/0001493152-23-030672-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1886894/000149315223030672/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T02:06:27.916983+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"c7140e7b512e31f313cbc40d3760fc150a2d66de","claim":"Snail, Inc. entered into Securities Purchase Agreement with two accredited investors valued at $1,080,000 (effective 2023-08-24).","evidence_excerpt":"On August 24, 2023, Snail, Inc. (the “ Company ”) entered into that certain Securities Purchase Agreement (the “ Purchase Agreement ”) with two accredited investors (the “ Investors ”), pursuant to which the Company sold, and each of the Investors purchased, an initial Original Issue 7.4% Discount Convertible Note (each, a “ Note ”, and collectively, the “ Notes ”) in an aggregate principal amount of $1,080,000, convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “ Common Stock ”), and an initial warrant to purchase up to an aggregate of 714,285 shares of the Company’s Common Stock (each, a “ Warrant ”, collectively, the “ Warrants ,” and together with the Notes, the “ Securities ”) (the “ Convertible Note Financing ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1886894/000149315223030672/0001493152-23-030672-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"two accredited investors"},{"label":"Value","value":"$1,080,000"},{"label":"Effective","value":"2023-08-24"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}