secwatch.observer — SEC 8-K summary
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Issuer:     Snail, Inc. (SNAL)
CIK:        0001886894
Form:       8-K
Filed at:   2025-12-03T23:59:59+00:00
Accession:  0001493152-25-025969
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.03, 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud

Snail, Inc. enters $1.1M convertible promissory note offering with Monroe Street Capital
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1886894/000149315225025969/0001493152-25-025969-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1886894/000149315225025969/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-025969

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