---
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"
generated_at: "2026-05-20T01:52:10.548005+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-029146
- JSON: https://secwatch.observer/filing/0001628280-25-029146.json
- Plain text: https://secwatch.observer/filing/0001628280-25-029146.txt

## Key facts
- Debt Financings
  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.
  - Instrument: loan
  - Principal: up to $70.0 million
  - Counterparty: VBC Growth SPV 5, LLC
  - Rate: 19.5% per annum
  - Maturity: August 13, 2028
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832511/000162828025029146/0001628280-25-029146-index.htm

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