Marpai signs two financial agreements

Marpai announced two financing agreements. The company executed an amendment to the Maestro Purchase Agreement with AXA. The amendment provides an overall extension to the payment terms, significantly reduces the remaining payment in 2024 to $473,688 and delays any further payments to 2025. In addition, AXA has agreed to certain “Reduction Criteria” that would potentially reduce the overall payment obligation by $3M once certain criteria are met, including the company maintaining its Nasdaq or other national securities exchange listing. As a part of that criteria, Mr. Lamendola, as the company’s largest shareholder, has committed to investing at least $3M in equity during 2024. Separately, Marpai received $1.7M in revenue-based financing from Libertas Funding. Libertas has provided access to over $2.6B in funding for small and medium-sized businesses since its inception in 2016. The company expects to use the funds for short-term working capital needs.