On April 15, 2024, Marpai, Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the symbol MRAI, announced the completion of a significant financial transaction. The company entered into a Securities Purchase Agreement with various purchasers and JGB Collateral LLC, acting as the collateral agent. Under this agreement, Marpai, Inc. sold Senior Secured Convertible Debentures totaling $11,830,000 in principal for a purchase price of $11,000,000. These debentures will bear interest at the prime rate plus 5.75%, with monthly principal payments starting October 15, 2024, and maturing on April 15, 2027. The debentures are convertible into common stock at $3.00 per share, subject to adjustments and anti-dilution protections. The company also entered into a Security Agreement and Guarantees with certain subsidiaries and key individuals, including Chairman and...Show More

On April 15, 2024, Marpai, Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the symbol MRAI, announced the completion of a significant financial transaction. The company entered into a Securities Purchase Agreement with various purchasers and JGB Collateral LLC, acting as the collateral agent. Under this agreement, Marpai, Inc. sold Senior Secured Convertible Debentures totaling $11,830,000 in principal for a purchase price of $11,000,000. These debentures will bear interest at the prime rate plus 5.75%, with monthly principal payments starting October 15, 2024, and maturing on April 15, 2027. The debentures are convertible into common stock at $3.00 per share, subject to adjustments and anti-dilution protections. The company also entered into a Security Agreement and Guarantees with certain subsidiaries and key individuals, including Chairman and CEO Damien Lamendola, to secure the obligations under the Purchase Agreement. Additionally, a Registration Rights Agreement was signed, obligating Marpai to register the shares of common stock issuable upon conversion of the Debentures by May 30, 2024, with penalties for non-compliance. The issuance of the Debentures was exempt from registration under the Securities Act according to Section 4(a)(2) and Rule 506 of Regulation D.