secwatch.observer — SEC 8-K summary
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Issuer:     Beneficient (BENF)
CIK:        0001775734
Form:       8-K
Filed at:   2023-06-08T23:59:59+00:00
Accession:  0001193125-23-162954
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 3.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Beneficient completes business combination with Avalon; shares to trade under BENF on Nasdaq
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- Avalon Merger closed June 7; each Avalon share converted into 1 share of BENF Class A common + 1 share of Series A preferred.
- Post-combination: ~188.7M Class A, ~19.1M Class B (10 votes/share), ~2.8M Series A preferred, ~23.8M warrants outstanding.
- Class B common convertible 1:1 into Class A at holder's election; holders elect at least 5 directors.
- Legacy holders subject to lock-up (6 months or $18 price target for 20/30 days); certain B-1/B-2 units have 1-year lock-up.
- Credit agreement amendments allowed Transactions; Beneficient becomes 'Parent' under the credit agreements.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/0001193125-23-162954-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/d504781d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-162954

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