Banzai agrees to eliminate ~$4.8M senior debt via equity conversion; conversion price formula with $2.50 floor

Banzai International, Inc.

Outstanding senior secured debt ~$4.86M; converts into Class A common stock at 95% of prior day's close, floor $2.50.
CP BF Lending (Columbia Pacific) to convert; sales limited to 5% of daily trading volume.
Events of default waived through Dec 31, 2025; financial covenant compliance suspended until certain conditions met.
Company must register 120% of fully diluted shares within 60 days; $2M debt prepaid triggers further relief.
CEO calls agreement a major win; company previously paid down $5.3M of the original debt.

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