secwatch.observer — SEC 8-K summary
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Issuer:     Snail, Inc. (SNAL)
CIK:        0001886894
Form:       8-K
Filed at:   2023-08-30T23:59:59+00:00
Accession:  0001493152-23-030672
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Snail raises $1M in convertible note first tranche; $5M equity line also closed
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1886894/000149315223030672/0001493152-23-030672-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1886894/000149315223030672/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-030672

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