On February 5, 2024, Banzai International, Inc., a Delaware-incorporated company listed on the Nasdaq Global Market under the symbol BNZI, entered into several significant financial agreements and received a notice of non-compliance from Nasdaq. The company amended its existing standby equity purchase agreement with Yorkville Advisors Global, LP, increasing the pre-paid advance amount by $1.0 million to a new total of $4.5 million. This additional funding was provided in exchange for a promissory note that matures on June 14, 2024, with a 0% interest rate, convertible into Class A common stock under certain conditions. Banzai International also settled obligations with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited by entering into a settlement agreement and issuing a $1.0 million promissory note, payable in...Show More

On February 5, 2024, Banzai International, Inc., a Delaware-incorporated company listed on the Nasdaq Global Market under the symbol BNZI, entered into several significant financial agreements and received a notice of non-compliance from Nasdaq. The company amended its existing standby equity purchase agreement with Yorkville Advisors Global, LP, increasing the pre-paid advance amount by $1.0 million to a new total of $4.5 million. This additional funding was provided in exchange for a promissory note that matures on June 14, 2024, with a 0% interest rate, convertible into Class A common stock under certain conditions. Banzai International also settled obligations with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited by entering into a settlement agreement and issuing a $1.0 million promissory note, payable in monthly installments. Furthermore, the company added an addendum to its engagement letters with Roth Capital Partners, LLC, issuing 175,000 shares of Class A common stock and agreeing to a potential additional payment in cash or shares. On the regulatory front, Banzai International was notified by Nasdaq of its failure to meet the Minimum Value of Listed Securities and total assets and revenue requirements for continued listing. The company has until August 5, 2024, to regain compliance or face potential delisting. Banzai International is actively monitoring the situation and exploring options to address the deficiency.