Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 72

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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.2 million related to this financing.VGS 4 Subordination AgreementIn connection with the transactions described above, P3 LLC entered into a subordination agreement, dated as of February 13, 2025 (the “VGS 4 Subordination Agreement”), by and among the Company, CRG Servicing LLC (“CRG”), as administrative agent under the Term Loan Facility, and VGS 4. Pursuant to the VGS 4 Subordination Agreement, VGS 4 agreed to subordinate its right of payment under the VGS 4 Promissory Note to the right of payment and security 

P3 Health Partners Inc. | Q1 2025 Form 10-Q | 16

interests of the lenders under the Term Loan Facility. The terms of the VGS 4 Subordination Agreement will effectively require P3 LLC to pay all interest under the VGS 4 Promissory Note in-kind.Amendment to Term Loan Agreement and Consent In connection with the transactions described above, P3 LLC entered into (1) the Seventh Amendment to Term Loan Agreement (the “Term Loan Amendment”), dated as of February 13, 2025, by and among P3 LLC, as borrower, the subsidiary guarantors party thereto, the lenders from time to time party thereto and CRG, as administrative agent and collateral agent and (2) the Consent (the “Consent”), dated as of February 13, 2025, by and between P3 LLC, as borrower, and VBC Growth SPV, LLC (“VGS”), as holder. The Term Loan Amendment and Consent collectively permit the issuance of the VGS 4 Promissory Note and the entry into the VGS 4 Subordination Agreement by P3 LLC.

Note 9: Net Loss per ShareThe following table provides the computation of basic and diluted net loss per share:Three Months Ended March 31,20252024(in thousands, except per share data)Numerator–basic:Net loss attributable to Class A common stockholders–basic$(20,480)$(18,700)Numerator–diluted:Net loss attributable to Class A common stockholders–basic$(20,480)$(18,700)Effective of dilutive securities:Shares of Class V common stock— — Net loss attributable to Class A common stockholders–diluted$(20,480)$(18,700)Denominator–basic:Weighted average Class A common shares outstanding–basic3,