Beneficient Secures Extension for Continued Nasdaq Listing
Beneficient Secures Continued Nasdaq Listing
In a significant move for Beneficient, a technology-driven firm, the Nasdaq Hearings Panel has approved the company’s request for a continuation in its listing on the Nasdaq. Beneficient, known by its ticker NASDAQ: BENF, operates a unique online platform called AltAccess, aimed at enhancing accessibility to alternative assets for a variety of investors.
Recent Developments
Beneficient announced this good news following a letter received from the Nasdaq Hearings Panel confirming their approval. The Panel stipulated that the company must demonstrate compliance with their reporting obligations and maintain a minimum $1.00 per share bid price. These criteria must be satisfied within the timeframe granted by the Panel.
Currently, Beneficient is collaborating closely with its auditors to ensure that the necessary reports are filed promptly, including the Annual Report on Form 10-K and the Quarterly Report on Form 10-Q. The company is committed to fulfilling these requirements to retain its listing status.
Strategy for Compliance
If the company is unable to meet the bid price requirement during the extension period, it anticipates seeking shareholder approval to implement a reverse stock split. This strategic move is expected to help the company demonstrate compliance with the necessary bid price over a required consecutive trading day period.
About Beneficient
Beneficient, affectionately known as Ben, is fervently advocating to democratize the realm of alternative asset investments. The company aims to provide much-needed solutions to individuals and institutions that have traditionally been underserved in this sector. Particularly, mid-tier to high-net-worth individuals and small to mid-sized institutions will find valuable assistance through Beneficient’s services.
Through its innovative AltQuote tool, Beneficient offers a variety of potential exit strategies in a matter of minutes, while empowering users to navigate investment opportunities securely via the AltAccess portal. This dual approach is designed to enhance user experience dramatically and elevate investment outcomes.
Beneficient Fiduciary Financial
Beneficient’s subsidiary, Beneficient Fiduciary Financial, L.L.C., is making waves within the finance community. It has received a charter under Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act, which showcases its commitment to regulatory adherence and operational excellence.
Contact Information
For any inquiries, interested parties can reach out to the following:
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com
Frequently Asked Questions
What is the main goal of Beneficient?
Beneficient aims to provide exit opportunities and capital solutions for holders of alternative assets, democratizing access for underserved investors.
What did Beneficient receive from Nasdaq?
Beneficient received an extension for continued listing on the Nasdaq after demonstrating their intent to comply with reporting requirements.
How does the reverse stock split work?
A reverse stock split consolidates shares to boost the share price, helping companies meet minimum bid price requirements.
What services does Beneficient offer through AltAccess?
AltAccess allows users to explore investment opportunities, manage alternative assets, and receive tailored proposals securely online.
Who approves Beneficient's regulatory framework?
Beneficient Fiduciary Financial operates under oversight from the Office of the State Bank Commissioner, ensuring adherence to Kansas regulations.
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