Beneficient (BENF) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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The Company introduced Series B-2 and B-3 Preferred Stocks, both convertible into Class A Common Stock at the holder’s discretion with a conversion rate that adjusts monthly. These stocks have priority over common stocks for dividends and in liquidation, but limited voting rights. Mandatory conversion into common stock is specified, subject to SEC filings or effective registration statements, with a cap to prevent ownership exceeding 4.99% of outstanding Class A shares. The stocks’ terms ensure they adapt to market prices, offering investors an opportunity to convert at potentially favorable rates, while also aligning their interests with the company’s performance on the stock market.
For further insights into BENF corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.
