Beneficient (BENF): Nasdaq/NYSE listing notice — Beneficient faces Nasdaq delisting, issues convertible preferred and common shares to consultants

Beneficient

Nasdaq Staff determined to delist under Low Priced Stocks Rule after closing bid ≤$0.10 for 10 consecutive days.
Company plans to appeal; hearing stays delisting pending outcome; no assurance of continued listing.
Stockholders approved reverse stock split (1:10 to 1:100) to potentially regain compliance.
Issued 6,932 shares of Series B-4 Convertible Preferred (convertible at $0.0673, floor $0.03365) for advisory services.
Issued 3,920,208 shares of Class A common stock to a consultant for customer referral services under Section 4(a)(2).

item 3.01 item 3.02 item 5.03 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Beneficient received a nasdaq delisting notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)(iii)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: minimum bid price
Rules: 5450(a)(1), 5810(c)(3)(A)(iii)

Exact text from the filing

March 22, 2024, the Company received a letter from Nasdaq advising that the Nasdaq Staff (the “Staff”) had determined that, as of March 21, 2024, the Company’s Class A Common Stock had a closing bid price of $0.10 or less for at least ten consecutive trading days. Accordingly, the Company is subject to the provisions contemplated under Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”). As a result, the Staff determined to delist the Company’s securities from The Nasdaq Capital Market (the “Staff Determination”), unless the Company timely requests a hearing before the Nasdaq Hearin

View on SEC.gov

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

Beneficient: Filed a certificate of designation creating Series B-4 Preferred Stock (effective 2024-03-27).

Change: charter amendment
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, the Company filed a certificate of designation (the “B-4 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-4 Preferred Stock.

View on SEC.gov

Browse all listing & compliance notices →

Beneficient filing history →

Source: SEC EDGAR

accession 0001193125-24-080758

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.