SEATTLE, September 26, 2024 (GLOBE NEWSWIRE) – Banzai International, Inc. BENEFITS (“Banzai” or the “Company”), a leading marketing technology company providing essential marketing and sales solutions, today announced the closing of its previously announced private placement priced to market under Nasdaq Stock Market rules for the issuance and sale of an aggregate of 1,176,471 shares of Class A common stock (or pre-funded warrant in lieu), the attached Series A warrants to purchase up to 1,176,471 shares of Class A common stock and the attached short-term Series B warrants to purchase up to 1,176,471 shares of Class A common stock at a purchase price of $4.25 per share (or per pre-funded warrant in lieu). The Series A and Series B short-term warrants have an exercise price of $4.00 per share and are exercisable immediately upon issuance. Series A warrants will expire five years from the date of issuance and short-term Series B warrants will expire 18 months from the date of issue.
HC Wainwright & Co. acted as exclusive placement agent for the offering.
The gross proceeds of the offering were approximately $5 million, before deducting underwriter's fees and other offering expenses payable by the Company. Banzai intends to use the net proceeds from the offering to fully repay its outstanding credit facility with Yorkville Advisors and for working capital and other general corporate purposes. The Company repaid its outstanding credit facility with Yorkville Advisors in full with the net proceeds from the offering.
The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder. The Class A common stock underlying the warrants has not been registered under the Securities Act or applicable state securities laws. Accordingly, the warrants and underlying shares of the Class A common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such laws. applicable state securities regulations.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Banzai
Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. With a mission to help its customers achieve their mission, Banzai enables businesses of all sizes to target, engage and measure new and existing customers more effectively. Banzai's clients include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle, and ActiveCampaign, among thousands of others. Get more information at www.banzai.io. For investors, 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”, “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, but are not limited to, statements regarding Banzai International, Inc. (the “Company “): the ability to consummate the private placement, compliance with the closing conditions of the private placement and the use of the proceeds thereof, as well as future financial, commercial and operational performance and objectives; annualized recurring revenue and customer retention; current, future or ability to maintain or improve its financial position, cash flows and liquidity and its expected financing needs and ability to obtain financing and proposed acquisitions and, if completed, their success; potential and financial contributions; strategy and strategic objectives, including the ability to capitalize on opportunities; expectations related to the Company's industry, market prospects and trends; total addressable market and useful addressable market and related projections; plans, strategies and expectations to retain existing or acquire new customers, increase revenue and execute growth initiatives; and focus product areas 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 beyond 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 or suggested in the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that could cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, financial markets, economic, business and regulatory factors and others, such as the Company's ability to perform your strategy. More detailed information regarding 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 8K. The Company undertakes no obligation to update any forward-looking statements after the date of this press release, except as required by law.
Investor contacts:
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us
Media
Raquel Meyrowitz
Director, Demand Generation, Banzai
rachel.meyrowitz@banzai.io
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