P3 Health Partners secures $30M loan at 19.5% interest, issues warrants for 71.4M shares

P3 Health Partners Inc.

$30M unsecured promissory note from VBC Growth SPV 4 (affiliate of principal stockholder), drawn in two $15M tranches.
Interest at 19.5% per annum; company may pay 8% cash + 11.5% PIK or all in-kind if subordination restricts cash.
Warrants to buy 71,406,480 shares at $0.2068 per share, exercisable only after stockholder approval sought at 2025 annual meeting.
Maturity August 13, 2028; up-front fee 1.5% of $30M; back-end fee up to 9.0% depending on repayment timing.
Proceeds fund working capital; note is subordinated to existing CRG term loan facility.

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