Beneficient closes $38M liquidity transaction with customer for alternative assets

Beneficient

Customer received 3,768,995 shares of Series B-1 Preferred Stock, convertible at $5.46/share initial conversion price.
Also received 942,249 warrants exercisable for one share of Class A common and one share of Series A Preferred each.
Conversion price resets based on 5-day VWAP with floor of $2.73 (50% of initial); mandatory conversion within 210 days to 1 year.
Transaction involved alternative assets with NAV of approx. $37.6M as of March 31, 2023.
Issuance relied on exemption under Section 4(a)(2) and Regulation D; not registered under Securities Act.

item 3.02 item 5.03 item 3.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Beneficient: Filed a certificate of designation designating rights, preferences, privileges and restrictions of Series B-1 Preferred Stock (effective 2023-08-01).

Change: charter amendment
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of Nevada, effective as of the time of filing, designating the rights, preferences, privileges and restrictions of the shares of the Series B-1 Preferred Stock.

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13 governance changes filed in the last 30 days. Browse all governance changes →

Beneficient filing history →

Source: SEC EDGAR

accession 0001193125-23-201766

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