Loan & DebtAug 11, 2026, 04:24 PM
Beneficient Amends SEPA, Issues $4M Convertible Notes
AI Summary
Beneficient amended its Standby Equity Purchase Agreement (SEPA) with Yorkville, reducing the potential equity sale to $100.0 million. Concurrently, the company issued $4.0 million in convertible promissory notes to Yorkville, receiving $3.6 million in gross proceeds after a 5% original issue discount. These notes mature on June 30, 2027, bear 5.0% interest, and are convertible into Class A common stock at a variable price with a floor of $0.89 per share.
Key Highlights
- Amended SEPA allows Beneficient to sell up to $100.0 million Class A common stock to Yorkville.
- Issued $4.0 million in convertible promissory notes to Yorkville.
- Received $3.6 million in gross proceeds from note issuance after 5% original issue discount.
- Promissory notes mature on June 30, 2027, bearing 5.0% annual interest.
- Notes are convertible into Class A common stock at a variable price with a $0.89 per share floor.
- Maximum of 4,719,101 shares issuable upon conversion of the promissory notes.
Price Impact
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