---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-005930"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2025-02-18T23:59:59+00:00"
generated_at: "2026-05-26T17:23:37.597208+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001628280-25-005930
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2025-02-18T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000162828025005930/0001628280-25-005930-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000162828025005930/piii-20250213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-005930
- JSON: https://secwatch.observer/filing/0001628280-25-005930.json
- Plain text: https://secwatch.observer/filing/0001628280-25-005930.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.