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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): August 8, 2025 (July 3, 2025)
Banzai
International, Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-39826 |
|
85-3118980 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
435
Ericksen Ave, Suite 250
Bainbridge
Island, Washington |
|
98110 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (206) 414-1777
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| |
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
|
| |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Class
A common stock, par value $0.0001 per share |
|
BNZI |
|
The
Nasdaq Capital Market |
| |
|
|
|
|
| Redeemable
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
|
BNZIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
EXPLANATORY
NOTE
This
Amendment No. 1 on Form 8-K/A is being filed to amend Item 1.01 of Banzai International, Inc.’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on July 3, 2025 (the “Original 8-K”) to correct a scriveners’ error
in which the maturity date of the senior secured convertible notes was incorrectly stated as “18 months” after issuance instead
of 12 months after issuance. Correspondingly, we are also correcting Exhibit 4.1 which stated a December 30, 2026, maturity date of instead
of a June 30, 2026, maturity date. No other material changes have been made to the Original 8-K.
Item
1.01. Entry into a Material Definitive Agreement.
On
June 27, 2025, Banzai International, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase
Agreement”) with an institutional investor (the “Buyer”) for the issuance and sale in a private placement
(the “Offering”) of senior secured convertible notes of the Company, in the aggregate original principal amount of
$11,000,000 (the “Notes”) which Notes shall be convertible into shares of common stock, par value $0.0001, of the
Company (the “Common Stock”) (the shares of Common Stock issuable pursuant to the terms of the Notes, including, without
limitation, upon conversion or otherwise, collectively, the “Conversion Shares”), in accordance with the terms of
the Notes. The Buyer is purchasing (i) a Note in the aggregate original principal amount of $11,000,000 and (ii) a warrant to initially
acquire up to 671,243 shares of Common Stock (the “Buyer Warrants”) (as exercised, collectively, the “Warrant
Shares”). In connection with the Offering, the Company has also entered into a letter agreement dated April 30, 2025 (the “Letter
Agreement”) with Rodman & Renshaw LLC as the exclusive financial advisor (the “Financial Advisor”) pursuant
to which the Company has agreed to issue financial advisor warrants to purchase up to an aggregate of 212,121 shares of Common Stock
(the “Financial Advisor Warrants”, together with the Buyer Warrants, the “Warrants”). The Offering
closed on June 30, 2025 (the “Closing Date”). Capitalized terms used but not otherwise defined herein shall have the
meanings assigned to such terms in the Purchase Agreement.
The
Notes were issued with an original issue discount of 10.0% (the “OID”) and accrue interest at a rate of 10.0% per
annum. The Notes mature 12 months from the date of issuance (the “Maturity Date”), unless extended pursuant
to the terms thereof. The Notes are convertible (in whole or in part) at any time prior to the Maturity Date into the number of shares
of Common Stock equal to quotient of the Conversion Amount divided by (y) the Conversion Price (the “Conversion Rate”).
At no time may the Buyer hold more than 4.99% (or up to 9.99% at the election of the Buyers pursuant to the Notes) of the outstanding
Common Stock. The conversion price of the Note is subject to a floor price of $0.11.
In
addition, if an Event of Default (as defined in the Notes) has occurred under the Notes, the Buyer may elect convert (each, an “Alternate
Conversion”, and the date of such Alternate Conversion, each, an “Alternate Conversion Date”) all, or any
part of, the Conversion Amount (such portion of the Conversion Amount subject to such Alternate Conversion, the “Alternate Conversion
Amount”) into shares of Common Stock at a conversion rate equal to the quotient of (x) the product of (A) the Redemption Premium
and (B) the Alternate Conversion Amount, divided by (y) the Alternate Conversion Price (the “Alternate Conversion Rate”).
Upon the occurrence of an Event of Default, the Company is required to deliver written notice to the Buyer within one (1) business day
(an “Event of Default Notice”). At any time after the earlier of (a) the Buyer’s receipt of an Event of Default
Notice, and (b) the Buyer becoming aware of an Event of Default, the Buyer may require the Company to redeem all or any portion of the
Notes at a 15% premium. Beginning the earlier to occur of (x) the Effective Date (as defined in the Registration Rights Agreement) of
the initial Registration Statement filed pursuant to the Registration Rights Agreement and (y) August 1, 2025, and thereafter, the first
Trading Day of the calendar month immediately following (each an “Installment Date”) until the Maturity Date, the
Company shall repay the Buyer $183,333.33 towards the principal balance of the Notes, plus any then-accrued and
unpaid interest in cash or, provided certain conditions are satisfied, shares of Common Stock, at the Company’s option (collectively,
the “Installment Amount”). In connection with a “Change of Control”, the Buyer shall have the right to
require the Company to redeem part or all of the Notes outstanding in cash, at the highest calculation of the Change of Control Redemption
Price, each of which is outlined in their entirety within the Notes.
The
Buyer also agreed to enter into Leak-Out Agreement governing the sale of Company shares until the earlier to occur of (i) such date as
the Buyer no longer holds any Notes, (ii) the date of any Redemption Notice (as defined in the Notes) of any Notes then outstanding,
(iii) such date upon which any breach by the Company of any term of the Purchase Agreement occurs, regardless of whether such breach
is subsequently cured and (iv) such date any Event of Default (as defined in the Notes) occurs, regardless of whether such Event of Default
is subsequently cured (such period, the “Restricted Period”), with sale limitations tied to the Company’s daily
trading volume, as detailed in the Leak-Out Agreement.
The
Buyer Warrants are to purchase up to 671,243 shares of Common Stock, at an exercise price of $0.66 per share. The Buyer Warrants are
exercisable immediately upon issuance and have a term of exercise equal to three years from the date of issuance.
A
holder of the Buyer Warrants may not exercise any portion of such holder’s Warrants to the extent that the holder, together with
its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the Company’s outstanding
shares of Common Stock immediately after exercise, except that upon at least 61 days’ prior notice from the holder to the Company,
the holder may increase the beneficial ownership limitation to up to 9.99% of the number of shares of Common Stock outstanding immediately
after giving effect to the exercise. In the event of a Change of Control, holders of the Warrants will have the right to receive the
Black Scholes Value of their Warrants calculated pursuant to a formula set forth in the Warrants, payable in cash.
In
connection with the Offering, the Company entered into a registration rights agreement (the “Registration Rights Agreement”),
dated as of July 30, 2025, with the Buyer, pursuant to which the Company agreed to prepare and file a registration statement with the
Securities and Exchange Commission (the “SEC”) registering the resale of the Conversion Shares, the Warrant Shares
and the shares of Common Stock underlying the Financial Advisor Warrants, no later than thirty (30) days after the date of the Registration
Rights Agreement (the “Registration Statement”), and to use its best efforts to have the registration statement declared
effective as promptly as practical thereafter, and in any event no later than sixty (60) days following the date of the Registration
Rights Agreement (or ninety (90) days following the date of the Registration Rights Agreement in the event of a “full review”
by the SEC).
The
initial net proceeds to the Company from the Offering were approximately $1.725 million, after deducting financial advisory fees and
estimated offering expenses payable by the Company. The Company intends to use the net proceeds received from the Offering for general
corporate purposes and working capital.
Rodman
& Renshaw LLC (“Rodman”) acted as the Company’s exclusive financial advisor in connection with the Offering,
pursuant to that certain Letter Agreement, dated as of April 30, 2025, as amended, between the Company and Rodman. Pursuant to the Letter
Agreement, the Company paid Rodman (i) a total cash fee equal to 7% of the aggregate gross proceeds of the Offering (inclusive of the
gross proceeds to be received from the exercise of any Buyer Warrants), (ii) a management fee of 1.0% of the aggregate gross proceeds
of the Offering (inclusive of the gross proceeds to be received from the exercise of any Buyer Warrants), and (iii) a non-accountable
expense allowance of $75,000. In addition, the Company issued to Rodman or its designees the Financial Advisor Warrants to purchase up
to an aggregate of 212,121 shares of Common Stock at an exercise price equal to $0.8250 per share, which represents 125% of the Offering
price. The Financial Advisor Warrants have substantially the same terms as the Buyer Warrants, are exercisable immediately upon issuance
and have a term of exercise equal to five (5) years from the date of issuance.
Pursuant
to the Purchase Agreement, the Company agreed not to issue any Notes (other than to the Buyers as contemplated hereby) without the prior
written consent of the Required Holders (as defined in the Purchase Agreement), issue any other securities that would cause a breach
or default under the Notes or the Warrants, or to file any other registration statement with the SEC (in each case, subject to certain
exceptions) until after the effective date of the Registration Statement. The Company has also agreed not to effect any Variable Rate
Transaction (as defined in the Purchase Agreement), other than a Permitted ATM (as defined in the Purchase Agreement) until the later
of (x) the 180th calendar day after the Initial Closing Date (the “Additional Closing Expiration Date”) and (y) such
date as no Notes remain outstanding.
The
Letter Agreement and Purchase Agreement contain customary representations and warranties and agreements and obligations, conditions to
closing and termination provisions. The foregoing descriptions of terms and conditions of the Purchase Agreement, the Notes, the Warrant,
the Registration Rights Agreement, and the Leak-Out Agreement do not purport to be complete and are qualified in their entirety by the
full text of the form of the Purchase Agreement, the Notes, the Warrant, form of the Registration Rights Agreement, and Leak-Out Agreement
which are attached hereto as Exhibits 4.1, 4.2, 10.1, 10.2, and 10.3 respectively.
Item
3.02 Unregistered Sales of Equity Securities.
The
information contained in Item 1.01 of this Current Report on Form 8-K in relation to (i) the Notes, (ii) the Buyer Warrants and (iii)
the shares of Common Stock issuable upon exercise of the Warrants is incorporated herein by reference. Neither the issuance of the Notes,
the Buyer Warrants, nor the shares of Common Stock issuable upon exercise thereof, as applicable, were registered under the Securities
Act of 1933, as amended (the “Securities Act”) or any state securities laws. The issuance of the Notes and the Buyer
Warrants were, and the shares of Common Stock issuable upon the conversion or exercise thereof, respectively, will be, issued in reliance
on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder.
Item
8.01 Other Events.
On
July 1, 2025, the Company issued a press release announcing the Offering. A copy of the press release is attached as Exhibit 99.1 to
this Current Report on Form 8-K and is hereby incorporated by reference herein.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
| Exhibit
No. |
|
Description |
| 4.1 |
|
Form of Senior Secured Convertible Note |
| 104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
August 8, 2025
| |
BANZAI
INTERNATIONAL, INC. |
| |
|
|
| |
By: |
/s/
Joseph Davy |
| |
|
Joseph
Davy |
| |
|
Chief
Executive Officer |
