Beneficient (BENF) has released an update to notify the public and investors about the unregistered sales of equity securities.
On February 6, 2024, Beneficient closed a liquidity financing transaction involving the acquisition of a $2 million investment fund interest, for which they issued 200,000 shares of Series B-2 Resettable Convertible Preferred Stock to the customer. Additionally, the company issued 20,000 shares of Series B-3 Preferred Stock to a consultant for investor relations services. Both types of preferred stock are convertible into Class A Common Stock at initial prices of $0.40 and $0.35 per share, respectively, with provisions for price adjustments and conversion limits. These transactions were executed under certain exemptions from registration requirements of the Securities Act.
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For a comprehensive understanding of the announcement, you can read the full document here.
