Loan & DebtMay 18, 2026, 06:07 AM
Banzai Reduces Convertible Note Floor Price to $4.50
AI Summary
Banzai International, Inc. has further amended its loan agreement and convertible promissory note with CP BF Lending, LLC. The latest amendment, effective May 15, 2026, significantly reduces the floor price for the conversion of the outstanding convertible note from $50.00 (post-reverse stock split) to $4.50 (post-reverse stock split). This follows a one-for-twenty reverse stock split on May 8, 2026, and previous amendments that consolidated debt and adjusted conversion terms. As of May 14, 2026, $5,361,910 remained outstanding under the note.
Key Highlights
- Banzai previously entered into a $1,500,000 loan agreement with CP BF Lending, LLC in February 2021.
- In September 2024, CP BF converted $2,000,000 in debt into $2,200,000 in equity.
- Remaining obligation to CP BF was $8,758,775, which was converted into a $10,758,774.75 consolidated convertible note.
- On October 14, 2025, the conversion price was reduced to 95% of Class A Common Stock price, subject to a $2.50 floor price.
- On May 8, 2026, Banzai effected a one-for-twenty (1-for-20) reverse stock split.
- As of May 14, 2026, $5,361,910 was outstanding under the convertible note.
- On May 15, 2026, the floor price for the conversion was reduced from $50.00 (post-split) to $4.50 (post-split).
Price Impact
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