Summary by Futu AI
Banzai International, Inc. (BNZI) has filed an SEC Form 3, indicating an initial statement of beneficial ownership of securities. The filing, dated 10/10/2024, reveals that CP BF Lending, LLC has become a significant shareholder, with a reported direct ownership of 330,849 shares of Class A Common Stock. Additionally, CP BF Lending, LLC holds derivative securities including a convertible note and common stock warrants, which could potentially convert into 2,279,271 and 870,257 shares of common stock, respectively. Brad Shain, the President of CP BF Lending, LLC, is identified as a reporting person and may be deemed to have beneficial ownership of the shares held by the LLC. However, Shain has disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest. The convertible note is set to mature on February 19, 2027, or earlier under certain conditions, and one set of warrants has no expiration date, while another set expires on September 20, 2029. The filing underscores the significant stake CP BF Lending, LLC now holds in Banzai International, potentially impacting the company's ownership structure and governance.
