P3 Health Partners secures up to $70M unsecured promissory note at 19.5% interest, issues warrants

P3 Health Partners Inc.

First tranche $15M drawn; second $15M due by June 22, 2025; third $40M mutually agreed by Dec 31, 2025.
Note matures Aug 13, 2028; interest 19.5% p.a. (11.5% PIK option); default rate adds 4%.
Warrants for 1,430,281 shares at $7.39/share exercisable after Nasdaq stockholder approval; terminate May 29, 2032.
Back-end fee ranges from 2.25% to 9% depending on repayment date; proceeds for working capital.
Approved by independent committee; VBC 5 is affiliate of principal stockholder (Chicago Pacific Founders).

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