secwatch.observer — SEC 8-K summary
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Issuer:     Beneficient (BENF)
CIK:        0001775734
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001193125-24-080758
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 3.01, 3.02, 5.03, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Beneficient faces Nasdaq delisting, issues convertible preferred and common shares to consultants
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1775734/000119312524080758/0001193125-24-080758-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1775734/000119312524080758/d816554d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-080758

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