---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-018825"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T03:03:30.823644+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Beneficient Chairman and Interim CEO Convert $52.6M in Preferred Units for 101.3M Class A Shares

## Summary
- Chairman Hicks converted $48M for 92.5M shares; CEO Silk converted $4.6M for 8.8M shares; total 101.3M shares issued.
- Conversion shares locked up until Oct 1, 2028; insiders forfeit appreciation to avoid near-term market dilution.
- Conversion addresses Nasdaq minimum equity deficiency; company now seeks compliance via market value of listed securities (MVLS).
- Insiders gave up liquidation preference, preferred return, and other senior rights, becoming common-equity aligned.

## SEC filing metadata
- accession: 0001493152-25-018825
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775734/000149315225018825/0001493152-25-018825-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000149315225018825/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-018825
- JSON: https://secwatch.observer/filing/0001493152-25-018825.json
- Plain text: https://secwatch.observer/filing/0001493152-25-018825.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.