Banzai Board of Directors Approves Purchase of Bitcoin as Treasury Reserve Asset
Rhea-AI Summary
Banzai International (NASDAQ: BNZI) announced its Board of Directors has approved the purchase of Bitcoin as a treasury reserve asset, authorizing up to 10% of the company's corporate treasury for this investment. With Q3 2024 cash at an all-time high of $4.3 million, the company aims to diversify its financial holdings and hedge against inflation. CEO Joe Davy emphasized that this strategic move aligns with recent balance sheet improvements and cost structure optimization, without impacting growth plans through re-engineering and expanded sales efforts.
Positive
- Record-high cash position of $4.3 million in Q3 2024
- Strategic treasury diversification through Bitcoin investment
- Strong balance sheet enabling new investment initiatives
Negative
- Exposure to Bitcoin's price volatility risk
- Allocation of up to 10% of treasury to high-risk asset
News Market Reaction – BNZI
On the day this news was published, BNZI declined 15.58%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SEATTLE, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that its Board of Directors has approved the purchase of Bitcoin as a treasury reserve asset.
The Company’s Board of Directors has authorized Banzai to use company funds to purchase and hold an amount of Bitcoin comprising up to
“With our strong balance sheet and ending Q3 2024 cash of
About Banzai
Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us
Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io
FAQ
How much Bitcoin will Banzai International (BNZI) purchase for its treasury?
What is Banzai's (BNZI) cash position in Q3 2024?
Why is Banzai (BNZI) investing in Bitcoin?
Will Banzai's (BNZI) Bitcoin investment affect its growth plans?
