---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-032323"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2026-07-07T20:15:18+00:00"
generated_at: "2026-07-07T20:16:08.681430+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Beneficient issues $2M convertible promissory note to Yorkville under amended SEPA

## Summary
- Issued $2M promissory note (first tranche) to YA II PN, Ltd. (Yorkville) with 5% OID, net proceeds ~$1.8M.
- Note matures June 30, 2027; interest 5% (18% on default); convertible at lower of $5.6064 or 92% of 5-day VWAP, floor $0.89.
- Amended SEPA reduces equity line from $250M to $100M; second $2M note tranche due after SEC declares registration effective.
- Maximum shares issuable upon conversion of notes is 4,719,101; ownership limitation 4.99%.

## SEC filing metadata
- accession: 0001493152-26-032323
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2026-07-07T20:15:18+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775734/000149315226032323/0001493152-26-032323-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000149315226032323/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-032323
- JSON: https://secwatch.observer/filing/0001493152-26-032323.json
- Plain text: https://secwatch.observer/filing/0001493152-26-032323.txt

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