secwatch.observer — SEC 8-K summary
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Issuer:     Beneficient (BENF)
CIK:        0001775734
Form:       8-K
Filed at:   2026-07-07T20:15:18+00:00
Accession:  0001493152-26-032323
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Beneficient issues $2M convertible promissory note to Yorkville under amended SEPA
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1775734/000149315226032323/0001493152-26-032323-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1775734/000149315226032323/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-032323

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer