secwatch.observer — SEC 8-K summary
======================================

Issuer:     Beneficient (BENF)
CIK:        0001775734
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001193125-23-201766
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.02, 5.03, 3.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1775734/000119312523201766/0001193125-23-201766-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1775734/000119312523201766/d490809d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-201766

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer