Inspire Veterinary Partners, Inc. (NASDAQ: IVP), a provider of veterinary services, announced that it has entered into a secured convertible note financing arrangement with Manetto Hill Fund Series I LLC, providing for up to $1.63 million in gross proceeds, subject to customary closing conditions.
Under the securities purchase agreement effective December 31, 2025, the Company may issue secured convertible promissory notes in an aggregate principal amount of up to $1,626,000. As part of the financing, on January 6, 2026, the Company issued a secured convertible promissory note in the principal amount of $975,000 to the Investor, for a purchase price of $750,000. The note bears interest at an annual rate of 10% and matures on December 31, 2026.
The secured convertible notes are convertible at the Investor’s option into shares of the Company’s common stock at a variable conversion price equal to the lesser of $0.06 per share or 80% of the lowest traded price over the 15 trading days prior to conversion, subject to a floor of $0.01 per share. As additional consideration, the Company agreed to issue up to 2,500,000 commitment shares of its common stock to the Investor.
The convertible notes are secured by a first-priority perfected security interest in certain veterinary clinics owned by Inspire Veterinary Partners. The Company plans to use the proceeds for general working capital. Pursuant to the agreement, the Company will file a registration statement covering the resale of shares issuable upon conversion of the notes and the commitment shares.
Lucosky Brookman LLP served as counsel in connection with the transaction.
