Company: PIII
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001140361-25-014596
Chunk: 76

Company: P3 Health Partners Inc.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 76
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, which included certain affiliated entities of Chicago Pacific Founders and institutional investors, we issued approximately 67.4 million units at a price of approximately $0.6270 per unit. Each unit consisted of one share of Class A common stock and a warrant to purchase one share of Class A common stock at an exercise price of $0.5020. Certain institutional investors elected to receive pre-funded warrants to purchase Class A common stock in lieu of a portion of their Class A common stock. In total, we sold (i) an aggregate of 41.6 million shares of Class A common stock, (ii) common warrants to purchase an aggregate of 67.4 million shares of Class A common stock, and (iii) pre-funded warrants to purchase an aggregate of 25.8 million shares of Class A common stock for aggregate proceeds of $39.8 million, net of $2.4 million in offering costs (collectively, the “May 2024 Private Placement”). November 2024 Asset Sale On November 30, 2024, we and certain of our subsidiaries entered into an asset purchase agreement with certain entities affiliated with an entity in which Chicago Pacific Founders, our principal stockholder, has an ownership interest (the “Buyers”), which was amended on December 30, 2024, effective as of December 5, 2024 (as amended, the “Florida Asset Purchase Agreement”). Pursuant to the Florida Asset Purchase Agreement, we sold to the Buyers all of the assets, clinical and non-clinical, exclusively or primarily used by our Medicare Advantage-related business operated out of Eagle Park, Florida on a cash-free, debt-free basis for a purchase price of approximately $15.0 million less a $0.3 million working capital adjustment, subject to further adjustment. The asset sale closed on November 30, 2024 simultaneously with the execution of the Florida Asset Purchase Agreement. December 2024 VBC 1 2024 Loan On December 12, 2024, we entered into a promissory note (the “VBC 1 2024 Loan”) with VBC providing for funding of up to approximately $38.1 million, the proceeds from which were used to repay in full all principal, interest and other amounts owing under the VBC Promissory Note. In connection with the replacement of the VBC Promissory Note with the VBC 1 2024 Loan, VBC waived the 9.0% back-end facility fee that otherwise