Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 103

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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328 VGS 2 promissory note, interest paid at 17.5%, due September 202737,191 28,972 VGS 3 promissory note, interest paid at 19.5%, due June 202833,967 25,499 VGS 4 promissory note, interest paid at 19.5%, due August 202839,412 — VGS 5 promissory note, interest paid at 19.5%, due August 202837,768 — Long-term debt, gross312,249 198,045 Less: unamortized debt issuance costs and original issue discount(59,454)(13,983)252,795 184,062 Less: current portion of long-term debt(38,612)(75,155)Long-term debt, net$214,183 $108,907 VGS 4 Promissory NoteOn February 13, 2025, P3 LLC entered into a related party financing transaction with VBC Growth SPV 4, LLC (“VGS 4”), consisting of the issuance by P3 LLC of (i) an unsecured promissory note (the “VGS 4 Promissory Note”) to VGS 4 and (ii) a warrant to purchase 1.4 million shares of the Company’s Class A common stock at an exercise price of $10.34 per share to VGS 4, as adjusted for the reverse stock split. The VGS 4 Promissory Note provides for funding of up to $30.0 million, available for draw by P3 LLC in two tranches, as follows: (i) a first tranche of $15.0 million which was drawn on February 18, 2025, and (ii) a second tranche of $15.0 million which was drawn on March 14, 2025. The VGS 4 Promissory Note matures on August 13, 2028. Interest is payable at 19.5% per annum on a quarterly cycle (in arrears) beginning March 31, 2025. P3 LLC may elect to pay either (1) 8.0% cash interest and 11.5% paid in-kind (“PIK”) interest, 

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 17

or (2) 19.