Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Snail, Inc. incurred convertible notes of $3,300,000 aggregate principal amount; two notes, one with $2,200,000 and one with $1,100,000 principal amount with two accredited investors at one-time interest charge at a rate of 5%; default interest at the lesser of 10% maturing 12 months from date of issuance.
- Instrument
- convertible notes
- Principal
- $3,300,000 aggregate principal amount; two notes, one with $2,200,000 and one with $1,100,000 principal amount
- Counterparty
- two accredited investors
- Rate
- one-time interest charge at a rate of 5%; default interest at the lesser of 10%
- Maturity
- 12 months from date of issuance
- Event
- incurrence
Exact text from the filing
On February 21, 2025, Snail, Inc. (the “Company”) entered into securities purchase agreements (the “Securities Purchase Agreements”) with two accredited investors (the “Investors”). Pursuant to the terms and conditions of the Securities Purchase Agreements, the Investors agreed to purchase from the Company in a private placement offering (the “Offering”) two unsecured convertible promissory notes in the aggregate principal amount of $3,300,000 (each a “Note” and together, the “Notes”) with the Investors pursuant to which the Company issued and sold to the Investors two notes with a 10% original issuance discount (“OID”), one of which is in the aggregate principal amount of $2,200,000 and had a purchase price of $2,000,000 and the other was in the aggregate principal amount of $1,100,000 and had a purchase price of $1,000,000.
View on SEC.gov