Snail, Inc. (SNAL): debt financing — Snail, Inc. enters $1.1M convertible promissory note offering with Monroe Street Capital

Snail, Inc.

Issued a $1,100,000 convertible promissory note to Monroe Street Capital Partners at $1,000,000 purchase price (10% OID).
Note matures 12 months from November 26, 2025; interest at 5% on principal, default interest at 10% per annum.
Conversion price set at $5.00 per share of Class A common stock, with a variable price for $288,750 of the principal.
Company received stockholder approval under Nasdaq Listing Rule 5635(d) for issuance exceeding 20% of outstanding common stock.
Registration rights agreement requires filing of resale registration statement within 90 days and effectiveness within 120 days.

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 $1,000,000 with an accredited investor at 5% maturing twelve (12) months from the date of issuance.

Instrument: convertible notes
Principal: $1,000,000
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 $1,000,000 (the “Note”).

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.7

Snail, Inc. issued convertible note.

Security: convertible note

Exact text from the filing

The disclosure set forth in Item 1.01 above is hereby incorporated herein by reference in this Item 3.02. The issuance of the Note and the Conversion Shares was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), for the offer and sale of securities not involving a public offering, and Regulation D promulgated under the Securities Act.

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

Snail, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-025969

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