Spectral AI, Inc. entered into a standby equity purchase agreement for gross proceeds of $30 million on March 20, 2024. The company will receive $5 million upon the effectiveness of the initial registration statement to be filed by the company, and $2.5 million to be paid 60 days later. Maturity of each tranche of the prepaid advance is 12 months from the date of the related funding.

On the same day, the company paid $5 million in its first trache.