Banzai International, Inc. has reported a series of financial restructuring activities through a Form 8-K filed with the SEC, dated September 25, 2024. The company has entered into various agreements from August 23, 2024, to September 23, 2024, to convert outstanding debt into equity, issuing a total of 71,704 Class A Common Shares in exchange for the cancellation of $52,244.91 of debt. Notably, Banzai International amended its repayment agreement with J.V.B Financial Group, LLC, resulting in the issuance of 29,077 shares to settle $115,000 of debt. Additionally, the company has restructured its obligations with CP BF Lending, LLC, converting $2 million of debt into equity and issuing various securities, including common stock and warrants. Banzai International also reached agreements with Alco to convert over $4.7 million of debt into equity...Show More

Banzai International, Inc. has reported a series of financial restructuring activities through a Form 8-K filed with the SEC, dated September 25, 2024. The company has entered into various agreements from August 23, 2024, to September 23, 2024, to convert outstanding debt into equity, issuing a total of 71,704 Class A Common Shares in exchange for the cancellation of $52,244.91 of debt. Notably, Banzai International amended its repayment agreement with J.V.B Financial Group, LLC, resulting in the issuance of 29,077 shares to settle $115,000 of debt. Additionally, the company has restructured its obligations with CP BF Lending, LLC, converting $2 million of debt into equity and issuing various securities, including common stock and warrants. Banzai International also reached agreements with Alco to convert over $4.7 million of debt into equity, and with Perkins Coie LLP to issue shares worth $1,383,500.00. The company has settled debts with multiple firms, including Cooley LLP, CohnReznick LLP, Sidley Austin LLP, Donnelley Financial LLC, and Verista Partners, Inc., through a combination of cash payments and equity issuance. Banzai International has also engaged MZHCI, LLC for investor relations services, compensating with 1,200,000 restricted shares and monthly payments. Amidst these financial maneuvers, the company has implemented a reduction in force to decrease expenses, affecting approximately 34% of its full-time employees and expected to save $1.3 million annually. The restructuring charges are estimated at $80,000.00, with the reduction to be completed by September 30, 2024.