Banzai International, Inc.

Banzai International, Inc. has entered into an Asset Purchase Agreement to acquire substantially all assets of ConnectAndSell, Inc., a Software-as-a-Service and AI company focused on sales enablement. The initial purchase price is $8.45 million, comprising cash, Class A Common Stock, and a promissory note, with additional deferred cash payments totaling $4.75 million. Concurrently, Banzai secured a $2.1 million subordinated business loan. ConnectAndSell's financial reports reveal recurring losses and negative working capital, raising substantial doubt about its ability to continue as a going concern.

Banzai International, Inc. announced the completion of its acquisition of ConnectAndSell, Inc., an AI sales acceleration platform, effective July 2, 2026. The total purchase consideration was $13.2 million, comprising cash, a seller's note, and stock/warrants. This acquisition is expected to expand Banzai's platform capabilities, enhance revenue generation, and create cross-sell opportunities, with ConnectAndSell's FY 2025 revenue at $14.7 million and an 86% gross margin.

Banzai International, Inc. announced an operating cost reduction initiative projected to improve operating profits by $5.5 million on an annualized basis. These management-led actions, including consultant and professional service reductions, financial system centralization, and selective headcount cuts, are expected to decrease operating cash burn by approximately 40% without impacting planned revenue growth or customer service. Most actions are already implemented, with full impact anticipated in the third quarter's monthly operating expense run rate.

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.

Banzai International reported a net loss of $(8.4) million for Q1 2026, a significant increase from $(3.6) million in Q1 2025, while revenue decreased by 20.2% to $2.7 million. The company's cash balance stood at $0.1 million, with $5.5 million used in operating activities during the quarter, leading management to raise substantial doubt about its ability to continue as a going concern. The company plans to secure additional debt and equity financing to support operations.

Banzai International, Inc. reported financial results for Q1 2026, alongside announcing a non-binding Letter of Intent to acquire assets of ConnectAndSell, an AI-powered sales enablement platform. This acquisition is expected to increase Banzai's annual revenue and expand its AI platform capabilities. For the first quarter, the company reported revenue of $2.7 million, a gross profit of $2.2 million, and a net loss of $8.4 million. Despite increased losses, Banzai strengthened its balance sheet by reducing debt by $4.5 million and converting $3.8 million of debt to equity.

Banzai International, Inc. announced it will host a conference call on Friday, May 15, 2026, at 4:30 p.m. Eastern Time to discuss its financial results for the first quarter ended March 31, 2026. The call will also review ongoing initiatives and anticipated milestones, hosted by Founder & CEO Joe Davy and CFO Dean Ditto. A presentation will accompany the webcast, with a replay and presentation materials available on the Company's investor relations section.

Banzai International, Inc. announced a 1-for-20 reverse stock split of its Class A and Class B Common Stock, effective May 8, 2026. The primary goal is to increase the per share price of its Class A Common Stock to maintain compliance with the Nasdaq Minimum Bid Price Requirement. As a result, the total number of outstanding shares will be significantly reduced, with fractional shares rounded up to the nearest whole share.

Banzai International entered into an Exchange Agreement and Forbearance Agreement with Agile Capital Funding and Agile Lending to restructure its debt. The company initially exchanged 232,786 shares of Class A common stock, valued at $284,000, to reduce its outstanding subordinated secured promissory note. In connection with this, Agile agreed to forbear from exercising remedies for certain default events, in exchange for a $628,057.50 forbearance fee, which increased the note's principal. Subsequently, Banzai issued an additional 1,466,501 shares across six agreements, further reducing the note balance to $819,432.50.

Banzai International, Inc. shareholders approved a proposal to amend the Company's Certificate of Incorporation to effect a reverse stock split at a special meeting held on April 28, 2026. Following the approval, the Board of Directors determined to implement a 1-for-20 reverse stock split. The Company expects the reverse stock split to be effective as of May 8, 2026, reducing the number of outstanding Class A and Class B shares.