Beneficient Reports to Kansas Legislative Committee and Completes Previously Announced Deal for $35M Permanent Equity Increase

November 22, 2024

DENVER, Colo., Nov 22, 2024 (247marketnews.com)- Beneficient’s (NASDAQ: BENF) Technology-Enabled Fiduciary Financial Institution (TEFFI) subsidiary, Beneficient Fiduciary Financial, presented a business operations update to the State of Kansas Joint Committee on Fiduciary Financial Institutions Oversight, focused on “the digital innovation occurring in the alternative asset industry and related economic development activity for the benefit of Kansas communities under the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act (“Act”), which was passed in 2021 with near-unanimous support in the Kansas Senate and strong bipartisan support in the House.”

Beneficient further stated, in a separate announcement, that its Beneficient Company Holdings subsidiary consummated a previously publicized transaction that redesignated approximately $35 million of its preferred equity as non-redeemable, resulting in the addition of approximately $35 million of permanent equity on its balance sheet, which the Company believes now meets Nasdaq’s Minimum Stockholders’ Equity Requirement of at least $2.5 million.

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