--- schema_version: "secwatch.filing_event.v1" accession: "0001829126-25-010336" form_type: "8-K" ticker: "PMI" cik: "0002030617" company_name: "Picard Medical, Inc." filed_at: "2025-12-30T23:59:59+00:00" generated_at: "2026-05-16T12:02:24.689552+00:00" event_type: "debt" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Picard Medical secures up to $50M senior secured notes; initial $15M funded at 0% interest, with warrants ## Summary - Issued $15M initial senior secured notes due Dec 26, 2028, at 0% annual interest, with option for up to $35M additional. - Warrants to purchase 7,009,346 shares at $2.675 per share, exercisable after 6-month lock-up or stockholder approval. - Net proceeds to be used for working capital and general corporate purposes; WestPark Capital acted as placement agent. - Notes are senior secured, collateralized by substantially all assets of Picard and IP of SynCardia subsidiary. - Company must maintain $4M cash minimum, seek stockholder approval for share issuance and authorized share increase to 300M. ## SEC filing metadata - accession: 0001829126-25-010336 - form_type: 8-K - ticker: PMI - cik: 0002030617 - company_name: Picard Medical, Inc. - filed_at: 2025-12-30T23:59:59+00:00 - event_type: debt - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03, 3.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/picardmedical_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001829126-25-010336 - JSON: https://secwatch.observer/filing/0001829126-25-010336.json - Plain text: https://secwatch.observer/filing/0001829126-25-010336.txt ## Key facts - Debt Financings Picard Medical, Inc. incurred senior notes of $15,000,000 at 0.00% maturing December 26, 2028. - Instrument: senior notes - Principal: $15,000,000 - Rate: 0.00% - Maturity: December 26, 2028 - Event: incurrence source text: On December 26, 2025 (the “Initial Closing”), the Company, pursuant to the Purchase Agreement, issued the Initial Purchased Notes (as defined in the Purchase Agreement) in an aggregate principal amount of $15,000,000, as the first draw under a notes facility. evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm - Material Agreements Picard Medical, Inc. entered into Security Agreement (effective 2025-12-26). - Action: entry - Effective: 2025-12-26 source text: In connection with the Purchase Agreement and the issuance of the Notes, (i) the Company entered into a Security Agreement, dated as of the Initial Closing (the “Security Agreement”), pursuant to which the Company granted a first-priority security interest in substantially all of the tangible and intangible assets of the Company and certain of its US subsidiaries, subject to permitted liens and exceptions, to secure the Company’s Obligations (as defined in the Security Agreement) under the Note Documents (as defined in the Security Agreement) and related transaction documents evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm - Material Agreements Picard Medical, Inc. entered into engagement letter with WestPark Capital, Inc.. - Action: entry - Agreement: underwriting - Counterparty: WestPark Capital, Inc. source text: In connection with the Private Placement, the Company entered into an engagement letter with WestPark Capital, Inc. (“WestPark”), pursuant to which WestPark acted as the Company’s exclusive placement agent. evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm - Material Agreements Picard Medical, Inc. entered into Purchase Agreement with a single institutional investor (effective 2025-12-24). - Action: entry - Agreement: equity purchase - Counterparty: a single institutional investor - Effective: 2025-12-24 source text: On December 24, 2025, Picard Medical, Inc. (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with a single institutional investor (the “Buyer”), pursuant to which the Company agreed to issue and sell, in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D, promulgated thereunder (the “Private Placement”): (i) senior secured notes of the Company due December 26, 2028 (the “Notes”) and (ii) warrants (the “Warrants” and together with the Notes, the “Securities”) to purchase 7,009,346 shares of the Company’s common stock evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm - Material Agreements Picard Medical, Inc. entered into Notes with a single institutional investor valued at an aggregate principal amount of $15,000,000 (effective 2025-12-26). - Action: entry - Agreement: credit facility - Counterparty: a single institutional investor - Value: an aggregate principal amount of $15,000,000 - Effective: 2025-12-26 source text: On December 26, 2025 (the “Initial Closing”), the Company, pursuant to the Purchase Agreement, issued the Initial Purchased Notes (as defined in the Purchase Agreement) in an aggregate principal amount of $15,000,000, as the first draw under a notes facility. evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912625010336/0001829126-25-010336-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.