secwatch.observer — SEC 8-K summary
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Issuer:     P3 Health Partners Inc. (PIII)
CIK:        0001832511
Form:       8-K
Filed at:   2025-02-18T23:59:59+00:00
Accession:  0001628280-25-005930
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832511/000162828025005930/0001628280-25-005930-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832511/000162828025005930/piii-20250213.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-005930

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