Banzai closes Vidello acquisition, issues $3.5M convertible note with YA II PN

Banzai International, Inc.

Closed acquisition of Vidello Limited on Jan 31, 2025 for $2.745M cash ($2.5M held back for indemnification) and 898,204 shares of Class A common stock.
Convertible note for $3.5M with YA II PN: 0% interest first 90 days then 6%, convertible at $2.00/share, matures July 31, 2025.
Vidello becomes wholly owned subsidiary; Joseph Davy appointed sole director of Vidello.
Company believes stockholders' equity now exceeds $2.5M Nasdaq minimum, but no assurance of regaining compliance.

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