{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-029146","form_type":"8-K","ticker":"PIII","cik":"0001832511","company_name":"P3 Health Partners Inc.","filed_at":"2025-06-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.021118+00:00","generated_at":"2026-05-20T01:52:10.548005+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"P3 Health Partners secures up to $70M unsecured promissory note at 19.5% interest, issues warrants","bullets":["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)."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-029146","json":"https://secwatch.observer/filing/0001628280-25-029146.json","markdown":"https://secwatch.observer/filing/0001628280-25-029146.md","text":"https://secwatch.observer/filing/0001628280-25-029146.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832511/000162828025029146/0001628280-25-029146-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832511/000162828025029146/piii-20250529.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T01:52:10.548005+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"911b00f3adc86b844aae815ea26b3beed8a69821","claim":"P3 Health Partners Inc. incurred loan of up to $70.0 million with VBC Growth SPV 5, LLC at 19.5% per annum maturing August 13, 2028.","evidence_excerpt":"independent, disinterested directors of the Company. VBC 5 Promissory Note The Promissory Note was issued by P3 LLC to VBC 5 on May 29, 2025, and provides for funding of up to $70.0 million (the “Promissory Note”), available for draw by P3 LLC in tranches, as follows: (i) a first tranche of $15.0 million available to P3 LLC upon the Effective Date, (ii) a second","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832511/000162828025029146/0001628280-25-029146-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"up to $70.0 million"},{"label":"Counterparty","value":"VBC Growth SPV 5, LLC"},{"label":"Rate","value":"19.5% per annum"},{"label":"Maturity","value":"August 13, 2028"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}