Beneficient issues convertible preferred stock in two private placements

Beneficient

Issued 200,000 shares of Series B-2 Preferred (convertible at $0.40, floor $0.20) in exchange for a $2M NAV limited partner interest.
Issued 20,000 shares of Series B-3 Preferred (convertible at $0.35, floor $0.175) to a consultant for investor relations services.
Both issuances unregistered under Section 4(a)(2) and Regulation D; each has a 4.99% beneficial ownership limitation.
Series B-2 convertible into up to 10M shares of Class A common; Series B-3 into up to 1.14M shares.

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 certificate of designation for Series B-3 Preferred Stock, designating rights, preferences, privileges, and restrictions (effective 2024-01-31).

Change: charter amendment
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024, the Company filed a certificate of designation (the “B-3 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-3 Preferred Stock.

View on SEC.gov

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

Beneficient: Filed certificate of designation for Series B-2 Preferred Stock, designating rights, preferences, privileges, and restrictions (effective 2024-01-31).

Change: charter amendment
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024, the Company filed a certificate of designation (the “B-2 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-2 Preferred Stock.

View on SEC.gov

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Beneficient filing history →

Source: SEC EDGAR

accession 0001193125-24-025322

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