secwatch.observer — SEC 8-K summary
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Issuer:     Snail, Inc. (SNAL)
CIK:        0001886894
Form:       8-K
Filed at:   2025-10-30T23:59:59+00:00
Accession:  0001493152-25-020124
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Snail Inc. enters $2.2M convertible note financing with 10% OID, $5 conversion price
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1886894/000149315225020124/0001493152-25-020124-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1886894/000149315225020124/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-020124

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