secwatch.observer — SEC 8-K summary
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Issuer:     Banzai International, Inc. (BNZI)
CIK:        0001826011
Form:       8-K
Filed at:   2023-12-20T23:59:59+00:00
Accession:  0001193125-23-300033
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 5.02, 3.02, 9.01, 4.01, 3.03, 5.01, 5.03, 5.05, 5.06
LLM model:  deepseek-v4-flash:cloud@v2

Banzai International (fka 7GC) closes business combination with Legacy Banzai on Dec 14, 2023
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- Total consideration of $100M paid in stock; Exchange Ratio based on Per Share Value of $100M divided by $10.00.
- 3,207,428 shares redeemed for ~$34.5M at ~$10.76 per share; Sponsor forfeited 7.35M private placement warrants.
- Entered SEPA with Yorkville for up to $100M equity line; $2M pre-paid advance funded at close; 300k shares issued.
- Issued GEM warrant for 828,533 shares at $6.49 exercise price, exercisable until Dec 14, 2026, with anti-dilution adjustments.
- Lock-up agreements for 180 days for certain Legacy Banzai stockholders; indemnification agreements with directors/officers.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826011/000119312523300033/0001193125-23-300033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826011/000119312523300033/d449527d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-300033

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