Beneficient (BENF) just unveiled an announcement.
Beneficient, a Nevada corporation, has entered into liquidity financing transactions with three venture capital funds, acquiring alternative assets in exchange for shares of their Series B Resettable Convertible Preferred Stock. These shares, valued at a maximum aggregate of $62 million, are convertible into the company’s Class A common stock. The conversion price is adjustable based on certain conditions, with a potential reset to the market price, and the closing of these transactions is contingent upon shareholder approvals and compliance with securities regulations. Investors participating in these transactions are verified as accredited investors, and the company has made arrangements for potential repurchase rights for the preferred stockholders under specific circumstances.
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