---
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"
generated_at: "2026-05-26T04:59:32.216672+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Snail raises $3.3M in convertible notes (10% OID); conversion at $5/share with variable pricing

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-008202
- JSON: https://secwatch.observer/filing/0001493152-25-008202.json
- Plain text: https://secwatch.observer/filing/0001493152-25-008202.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.