P3 Health Partners Inc S-3, filed Nov 9, 2023

P3 Health Partners Inc. (PIII)

S-3 2023-11-09

View Original

Added on October 15, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

	Large accelerated filer ☐			Accelerated filer ☒
	Non-accelerated filer ☐			Smaller reporting company ☒
				Emerging growth company ☒

	ABOUT THIS PROSPECTUS					1
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					2
	THE COMPANY					4
	RISK FACTORS					6
	USE OF PROCEEDS					7
	DESCRIPTION OF CAPITAL STOCK					8
	DESCRIPTION OF DEBT SECURITIES					21
	DESCRIPTION OF WARRANTS					28
	DESCRIPTION OF UNITS					29
	GLOBAL SECURITIES					30
	PLAN OF DISTRIBUTION					34
	LEGAL MATTERS					36
	EXPERTS					36

	Fair Market Value of Class A Common Stock
Redemption Date (period to expiration of warrants)	≥$10.00		$11.00		$12.00		$13.00		$14.00		$15.00		$16.00		$17.00		≥$18.00
57 months		0.257		0.277		0.294		0.310		0.324		0.337		0.348		0.358		0.361
54 months		0.252		0.272		0.291		0.307		0.322		0.335		0.347		0.357		0.361
51 months		0.246		0.268		0.287		0.304		0.320		0.333		0.346		0.357		0.361
48 months		0.241		0.263		0.283		0.301		0.317		0.332		0.344		0.356		0.361
45 months		0.235		0.258		0.279		0.298		0.315		0.330		0.343		0.356		0.361
42 months		0.228		0.252		0.274		0.294		0.312		0.328		0.342		0.355		0.361
39 months		0.221		0.246		0.269		0.290		0.309		0.325		0.340		0.354		0.361

	Fair Market Value of Class A Common Stock
Redemption Date (period to expiration of warrants)	≥$10.00		$11.00		$12.00		$13.00		$14.00		$15.00		$16.00		$17.00		≥$18.00
36 months		0.213		0.239		0.263		0.285		0.305		0.323		0.339		0.353		0.361
33 months		0.205		0.232		0.257		0.280		0.301		0.320		0.337		0.352		0.361
30 months		0.196		0.224		0.250		0.274		0.297		0.316		0.335		0.351		0.361
27 months		0.185		0.214		0.242		0.268		0.291		0.313		0.332		0.350		0.361
24 months		0.173		0.204		0.233		0.260		0.285		0.308		0.329		0.348		0.361
21 months		0.161		0.193		0.223		0.252		0.279		0.304		0.326		0.347		0.361
18 months		0.146		0.179		0.211		0.242		0.271		0.298		0.322		0.345		0.361
15 months		0.130		0.164		0.197		0.230		0.262		0.291		0.317		0.342		0.361
12 months		0.111		0.146		0.181		0.216		0.250		0.282		0.312		0.339		0.361
9 months		0.090		0.125		0.162		0.199		0.237		0.272		0.305		0.336		0.361
6 months		0.065		0.099		0.137		0.178		0.219		0.259		0.296		0.331		0.361
3 months		0.034		0.065		0.104		0.150		0.197		0.243		0.286		0.326		0.361
0 months		—		—		0.042		0.115		0.179		0.233		0.281		0.323		0.361

	ABOUT THIS PROSPECTUS SUPPLEMENT					S-1
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					S-3
	PROSPECTUS SUPPLEMENT SUMMARY					S-5
	THE OFFERING					S-7
	RISK FACTORS					S-8
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS					S-10
	USE OF PROCEEDS					S-12
	DIVIDEND POLICY					S-13
	DILUTION					S-14
	PLAN OF DISTRIBUTION					S-15
	MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS					S-16
	LEGAL MATTERS					S-20
	EXPERTS					S-20

Assumed public offering price per share of Class A common stock			$	1.31
Net tangible book value (deficit) per share as of September 30, 2023	$	(0.60)
Increase in net tangible book value per share attributable to the offering		0.29
As adjusted net tangible book value per share after giving effect to the offering				(0.31)
Dilution per share to new investors participating in the offering			$	1.62

SEC registration fee	$	36,900
FINRA filing fee	$	(1)
Printing expenses	$	(1)
Legal fees and expenses	$	(1)
Accounting fees and expenses	$	(1)
Blue Sky, qualification fees and expenses	$	(1)
Transfer agent fees and expenses	$	(1)
Trustee fees and expenses	$	(1)
Warrant agent fees and expenses	$	(1)
Miscellaneous	$	(1)
Total	$	(1)

	Exhibit Number			Description
	1.1**			Form of Underwriting Agreement.
	1.2*			Open Market Sale AgreementSM, dated as of November 9, 2023, by and between P3 Health Partners Inc. and Jefferies LLC.
	3.1			Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on December 9, 2021).
	3.2			Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed on December 9, 2021).
	4.1			Form of Class A Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-1 (File No. 333-251978), filed on January 19, 2021).
	4.2**			Form of Specimen Certificate Representing Preferred Stock.
	4.3*			Form of Indenture.
	4.4**			Form of Debt Security.
	4.5**			Form of Warrant.
	4.6**			Form of Warrant Agreement.
	4.7**			Form of Unit Agreement.
	5.1*			Opinion of Latham & Watkins LLP.
	23.1*			Consent of BDO USA, P.C.
	23.2*			Consent of Marcum LLP.
	23.3*			Consent of Latham & Watkins LLP (included in Exhibit 5.1).
	24.1*			Power of Attorney (incorporated by reference to the signature page hereto).
	25.1***			Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Debt Trustee, as trustee under the indenture filed as Exhibit 4.3 above (to be filed prior to any issuance of Debt Securities).
	107*			Filing Fee Table.

Signature	Title	Date
/s/ Sherif W. Abdou Sherif W. Abdou, M.D.	Chief Executive Officer and Director (principal executive officer)	November 9, 2023
/s/ Atul Kavthekar Atul Kavthekar	Chief Financial Officer (principal financial officer and principal accounting officer)	November 9, 2023
/s/ Mark Thierer Mark Thierer	Chairman of the Board	November 9, 2023
/s/ Amir S. Bacchus Amir S. Bacchus, M.D.	Chief Medical Officer and Director	November 9, 2023
/s/ Gregory N. Kazarian Gregory N. Kazarian	Director	November 9, 2023
/s/ Lawrence B. Leisure Lawrence B. Leisure	Director	November 9, 2023

	Very truly yours,

	P3 HEALTH PARTNERS INC.

	By:	/s/ Sherif W. Abdou
		Name: Sherif W. Abdou, M.D.
		Title: Chief Executive Officer

JEFFERIES LLC

By:	/s/ Donald Lynaugh
	Name: Donald Lynaugh
	Title: Managing Director

Number of days in selling period:

First date of selling period:

Last date of selling period:

ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
Section 1.1. Definitions	1
Section 1.2. Other Definitions	4
Section 1.3. Incorporation by Reference of Trust Indenture Act	4
Section 1.4. Rules of Construction	5

ARTICLE II. THE SECURITIES	5
Section 2.1. Issuable in Series	5
Section 2.2. Establishment of Terms of Series of Securities	6
Section 2.3. Execution and Authentication	8
Section 2.4. Registrar, Paying Agent and Notice Agent	9
Section 2.5. Paying Agent to Hold Money in Trust	10
Section 2.6. Holder Lists	10
Section 2.7. Transfer and Exchange	10
Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities	11
Section 2.9. Outstanding Securities	12
Section 2.10. Treasury Securities	12
Section 2.11. Temporary Securities	12
Section 2.12. Cancellation	13
Section 2.13. Defaulted Interest	13
Section 2.14. Global Securities	13
Section 2.15. CUSIP Numbers	15

ARTICLE III. REDEMPTION	15
Section 3.1. Notice to Trustee	15
Section 3.2. Selection of Securities to be Redeemed	16
Section 3.3. Notice of Redemption	16
Section 3.4. Effect of Notice of Redemption	17
Section 3.5. Deposit of Redemption Price	17
Section 3.6. Securities Redeemed in Part	17

ARTICLE IV. COVENANTS	17
Section 4.1. Payment of Principal and Interest	17
Section 4.2. SEC Reports	18
Section 4.3. Compliance Certificate	18
Section 4.4. Stay, Extension and Usury Laws	18

ARTICLE V. SUCCESSORS	19
Section 5.1. When Company May Merge, Etc.	19
Section 5.2. Successor Corporation Substituted	19

ARTICLE VI. DEFAULTS AND REMEDIES	20
Section 6.1. Events of Default	20
Section 6.2. Acceleration of Maturity; Rescission and Annulment	21
Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee	21
Section 6.4. Trustee May File Proofs of Claim	22
Section 6.5. Trustee May Enforce Claims Without Possession of Securities	23
Section 6.6. Application of Money Collected	23
Section 6.7. Limitation on Suits	23
Section 6.8. Unconditional Right of Holders to Receive Principal and Interest	24
Section 6.9. Restoration of Rights and Remedies	24
Section 6.10. Rights and Remedies Cumulative	24
Section 6.11. Delay or Omission Not Waiver	25
Section 6.12. Control by Holders	25
Section 6.13. Waiver of Past Defaults	25
Section 6.14. Undertaking for Costs	26

ARTICLE VII. TRUSTEE	26
Section 7.1. Duties of Trustee	26
Section 7.2. Rights of Trustee	27
Section 7.3. Individual Rights of Trustee	28
Section 7.4. Trustee’s Disclaimer	29
Section 7.5. Notice of Defaults	29
Section 7.6. Reports by Trustee to Holders	29
Section 7.7. Compensation and Indemnity	29
Section 7.8. Replacement of Trustee	30
Section 7.9. Successor Trustee by Merger, Etc.	31
Section 7.10. Eligibility; Disqualification	31
Section 7.11. Preferential Collection of Claims Against Company	31

ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	32
Section 8.1. Satisfaction and Discharge of Indenture	32
Section 8.2. Application of Trust Funds; Indemnification	33
Section 8.3. Legal Defeasance of Securities of any Series	34
Section 8.4. Covenant Defeasance	35
Section 8.5. Repayment to Company	36
Section 8.6. Reinstatement	36

ARTICLE IX. AMENDMENTS AND WAIVERS	36
Section 9.1. Without Consent of Holders	36
Section 9.2. With Consent of Holders	37
Section 9.3. Limitations	38
Section 9.4. Compliance with Trust Indenture Act	38
Section 9.5. Revocation and Effect of Consents	38
Section 9.6. Notation on or Exchange of Securities	39
Section 9.7. Trustee Protected	39

ARTICLE X. MISCELLANEOUS	39
Section 10.1. Trust Indenture Act Controls	39
Section 10.2. Notices	40
Section 10.3. Communication by Holders with Other Holders	41
Section 10.4. Certificate and Opinion as to Conditions Precedent	41
Section 10.5. Statements Required in Certificate or Opinion	41
Section 10.6. Rules by Trustee and Agents	42
Section 10.7. Legal Holidays	42
Section 10.8. No Recourse Against Others	42
Section 10.9. Counterparts	42
Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	43
Section 10.11. No Adverse Interpretation of Other Agreements	43
Section 10.12. Successors	43
Section 10.13. Severability	43
Section 10.14. Table of Contents, Headings, Etc.	43
Section 10.15. Securities in a Foreign Currency	44
Section 10.16. Judgment Currency	44
Section 10.17. Force Majeure	45
Section 10.18. U.S.A. Patriot Act	45

ARTICLE XI. SINKING FUNDS	45
Section 11.1. Applicability of Article	45
Section 11.2. Satisfaction of Sinking Fund Payments with Securities	46
Section 11.3. Redemption of Securities for Sinking Fund	46

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		10.3
(c)		10.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)(1)		7.6
(d)		7.6
§ 314(a)		4.2, 10.5
(b)		Not Applicable
(c)(1)		10.4
(c)(2)		10.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		10.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		10.1

TERM		DEFINED IN SECTION

“Agent Member”		2.14.6
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Event of Default”		6.1
“Judgment Currency”		10.16
“mandatory sinking fund payment”		11.1
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“Specified Courts”		10.10
“successor person”		5.1

	200 Clarendon Street
	Boston, Massachusetts 02116
	Tel: +1.617.948.6000 Fax: +1.617.948.6001
	www.lw.com

	FIRM / AFFILIATE OFFICES
	Austin	Milan
	Beijing	Munich
	Boston	New York
	Brussels	Orange County
	Century City	Paris
	Chicago	Riyadh
	Dubai	San Diego
	Düsseldorf	San Francisco
	Frankfurt	Seoul
	Hamburg	Silicon Valley
	Hong Kong	Singapore
	Houston	Tel Aviv
	London	Tokyo
	Los Angeles	Washington, D.C.
	Madrid

	P3 HEALTH PARTNERS INC.

	By:
		Name:
		Its:

	[______], as Trustee

	By:
		Name:
		Its: