{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-008202","form_type":"8-K","ticker":"SNAL","cik":"0001886894","company_name":"Snail, Inc.","filed_at":"2025-02-25T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.482473+00:00","generated_at":"2026-05-26T04:59:32.216672+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Snail raises $3.3M in convertible notes (10% OID); conversion at $5/share with variable pricing","bullets":["Issued two convertible notes totaling $3.3M principal (10% OID) to accredited investors on Feb 21, 2025.","Conversion price primarily $5.00/share; on $866,250 portion, price is lower of $5.00 or 92% of lowest 5-day VWAP.","Maturity 12 months; one-time 5% interest charge; default penalty of 120% of outstanding plus accrued interest.","Reserves at least 2,293,940 shares for conversion; stockholder approval obtained for issuance exceeding 20%.","Registration rights require filing S-1/S-3 within 90 days, effective within 120 days."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-008202","json":"https://secwatch.observer/filing/0001493152-25-008202.json","markdown":"https://secwatch.observer/filing/0001493152-25-008202.md","text":"https://secwatch.observer/filing/0001493152-25-008202.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1886894/000149315225008202/0001493152-25-008202-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1886894/000149315225008202/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-26T04:59:32.216672+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}