Snail, Inc. (SNAL): debt financing — Snail Inc. enters $2.2M convertible note financing with 10% OID, $5 conversion price

Snail, Inc.

Issued $2.2M convertible note (principal) to Crom Fund for $2M purchase price, reflecting 10% OID.
Note matures in 12 months with a one-time 5% interest charge on principal, senior unsecured.
Conversion price $5.00/share, but up to $577,500 converts at lower of $5 or 92% of prior 5-day VWAP.
Company filed registration rights agreement for resale of conversion shares within 90 days.
Stockholder approval obtained per Nasdaq Listing Rule 5635(d) for issuance exceeding 20% of outstanding.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Snail, Inc. incurred convertible notes of $2,200,000 with an accredited investor at 5% maturing twelve (12) months from the date of issuance.

Instrument: convertible notes
Principal: $2,200,000
Counterparty: an accredited investor
Rate: 5%
Maturity: twelve (12) months from the date of issuance
Event: incurrence

Exact text from the filing

the Investor agreed to purchase from the Company in a private placement offering (the “Offering”) an unsecured convertible promissory Note in the aggregate principal amount of $2,200,000 (the “Note”). The Note had a purchase price of $2,000,000 due to the inclusion of a 10% original issuance discount (“OID”). The Company will pay a one-time interest charge on the

View on SEC.gov

317 debt financings filed in the last 30 days. Browse all debt financings →

Snail, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-020124

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.