Beneficient ( (BENF) ) has issued an update.
Beneficient has announced the strategic redesignation of its Preferred A-0 Accounts, splitting them into non-redeemable and redeemable accounts, which is expected to transform $126 million from temporary to permanent equity on the company’s balance sheet. Additionally, the company has appointed Patrick J. Donegan, a seasoned professional with nearly three decades of compliance, legal, and banking experience, to its Board of Directors. Mr. Donegan’s extensive background, including senior roles in various financial institutions and legal expertise, is anticipated to provide valuable governance insights and support Beneficient’s commitment to industry best practices.
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