Beneficient converts $35M preferred to permanent equity, believes it regains Nasdaq compliance

Beneficient

Converted $35M of Preferred A-0 Redeemable Accounts to non-redeemable permanent equity.
Pro forma stockholders' equity $26.9M as of Sept 30, 2024, above Nasdaq's $2.5M minimum (subject to final determination).
Raised ~$5.1M via sale of 3.274M shares to Yorkville on Nov 15.
Appointed Karen Wendel (CEO of TrustChains) as independent director, with options for 100K shares and 207K RSUs.
Company believes it now meets Minimum Stockholders' Equity Requirement; final Nasdaq decision pending.

item 3.01 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Karen Wendel

Director

BENF · Beneficient

Effective: 2024-11-21
Filed: November 22, 2024, 6:59 PM ET

On November 21, 2024, the board of directors (the “Board”) of the Company appointed Karen Wendel to serve as a director of the Company, effective November 21, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Karen Wendel was appointed as Director at Beneficient.

Action: appointed
Role: Director

Exact text from the filing

On November 21, 2024, the board of directors (the “Board”) of the Company appointed Karen Wendel to serve as a director of the Company, effective November 21, 2024.

View on SEC.gov

Beneficient filing history →

Source: SEC EDGAR

accession 0001493152-24-047273

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