Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 70

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 promissory note, interest paid at 11.0%, due June 2026$15,000 $15,000 Term loan facility, interest paid at 12.0%, due December 202565,000 65,000 VGS 1 promissory note, interest paid at 13.5%, due June 202838,057 38,057 VGS 2 promissory note, interest paid at 17.5%, due September 202725,375 25,375 VGS 3 promissory note, interest paid at 19.5%, due June 202825,375 25,375 VGS 4 promissory note, interest paid at 19.5%, due August 202830,450 — Long-term debt, gross199,257 168,807 Less: unamortized debt issuance costs and original issue discount(28,136)(13,983)171,121 154,824 Less: current portion of long-term debt(65,000)(65,000)Long-term debt, net$106,121 $89,824 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 (