Beneficient Regains Compliance with NASDAQ Minimum Stockholders’ Equity Requirement and Audit Committee Requirement

Rhea-AI Summary

Beneficient (BENF), a technology platform providing liquidity and trust services for alternative assets, has successfully regained compliance with two Nasdaq listing requirements. The company met both the Stockholders' Equity Requirement under Rule 5550(b)(1) and the Audit Committee Requirement under Rule 5605(c)(2). As a result, Beneficient's securities will continue to be listed and traded on the Nasdaq Stock Market.

Positive

• Regained compliance with Nasdaq listing requirements, avoiding potential delisting risk
• Secured continued listing and trading status on Nasdaq

Negative

• None.

News Market Reaction

-5.25%

1 alert

-5.25% News Effect

On the day this news was published, BENF declined 5.25%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALLAS, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Beneficient (the “Company”) (Nasdaq: BENF), a technology-enabled platform providing liquidity and related trust and custody services to holders of alternative assets, today announced that it has received notice from The Nasdaq Stock Market LLC ("Nasdaq") that it has regained compliance with the Stockholders’ Equity Requirement under Nasdaq Listing Rule 5550(b)(1) and the Audit Committee Requirement under Nasdaq Listing Rule 5605(c)(2). As a result, the Company’s securities will continue to be listed and traded on Nasdaq.

For more information, visit www.trustben.com or follow on LinkedIn.

About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess^® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow Beneficient on LinkedIn.

Forward-Looking Statements
This communication includes forward-looking statements as defined under U.S. federal securities laws. Forward-looking statements include all statements that are not historical statements of fact, including related to statements about the continued listing of the Company’s securities on Nasdaq. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this release. It is not possible to predict or identify all such risks. These risks include, but are not limited to, our ability to maintain compliance with Nasdaq listing standards and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents we file with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

FAQ

What Nasdaq requirements did Beneficient (BENF) regain compliance with in November 2023?

Beneficient regained compliance with two Nasdaq requirements: the Stockholders' Equity Requirement (Rule 5550(b)(1)) and the Audit Committee Requirement (Rule 5605(c)(2)).

Will Beneficient (BENF) continue trading on Nasdaq after regaining compliance?

Yes, Beneficient's securities will continue to be listed and traded on Nasdaq following their compliance with the Stockholders' Equity and Audit Committee requirements.

What are the specific Nasdaq rules Beneficient (BENF) complied with?

Beneficient complied with Nasdaq Listing Rule 5550(b)(1) for Stockholders' Equity and Rule 5605(c)(2) for Audit Committee requirements.