{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-020124","form_type":"8-K","ticker":"SNAL","cik":"0001886894","company_name":"Snail, Inc.","filed_at":"2025-10-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.984401+00:00","generated_at":"2026-05-17T01:25:41.493215+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Snail Inc. enters $2.2M convertible note financing with 10% OID, $5 conversion price","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-020124","json":"https://secwatch.observer/filing/0001493152-25-020124.json","markdown":"https://secwatch.observer/filing/0001493152-25-020124.md","text":"https://secwatch.observer/filing/0001493152-25-020124.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1886894/000149315225020124/0001493152-25-020124-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1886894/000149315225020124/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:25:41.493215+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":[{"claim_id":"1a854590ff46698b6614abe5e52163119d1bfa7b","claim":"Snail, Inc. incurred convertible notes of $2,200,000 with an accredited investor at 5% maturing twelve (12) months from the date of issuance.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1886894/000149315225020124/0001493152-25-020124-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$2,200,000"},{"label":"Counterparty","value":"an accredited investor"},{"label":"Rate","value":"5%"},{"label":"Maturity","value":"twelve (12) months from the date of issuance"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}