<SEC-DOCUMENT>0001775734-23-000024.txt : 20231201
<SEC-HEADER>0001775734-23-000024.hdr.sgml : 20231201
<ACCEPTANCE-DATETIME>20231201161429
ACCESSION NUMBER:		0001775734-23-000024
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231201
DATE AS OF CHANGE:		20231201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beneficient
		CENTRAL INDEX KEY:			0001775734
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				721573705
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-273328
		FILM NUMBER:		231459666

	BUSINESS ADDRESS:	
		STREET 1:		325 N. SAINT PAUL STREET
		STREET 2:		SUITE 4850
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2144454705

	MAIL ADDRESS:	
		STREET 1:		325 N. SAINT PAUL STREET
		STREET 2:		SUITE 4850
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Beneficient Co Group, L.P.
		DATE OF NAME CHANGE:	20190503
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>beneficient424b3-form8xk.htm
<DESCRIPTION>424B3
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i3ac3423fd6594b4f9b98a0810a451c88_193"></div><div style="min-height:35.28pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:37.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.443%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.231%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prospectus Supplement No. 3</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(to Prospectus dated October 2, 2023)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prospectus Supplement No. 3</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(to Prospectus, dated October 2, 2023)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prospectus Supplement No. 3</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(to Prospectus, dated October 2, 2023)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prospectus Supplement No. 3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(to Prospectus, dated October 2, 2023)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Filed Pursuant to Rule 424(b)(3)</font></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Registration No. 333-273328</font></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Registration No. 333-273326</font></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Registration No. 333-268741</font></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Registration No. 333-273322</font></div></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:120%">BENEFICIENT </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">468,562 Shares of Class A Common Stock </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">91,240,875 Shares of Class A Common Stock </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">23,625,000 Shares of Class A Common Stock and 23,625,000 Shares of Series A Convertible Preferred Stock of Beneficient Underlying the Private and Public Warrants </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3,881,250 Shares of Class A Common Stock Underlying 15,525,000 Shares of Series A Convertible Preferred Stock of Beneficient </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">225,455,974 Shares of Class A Common Stock </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Inclusive of 132,500 Shares of Class A Common Stock Underlying the Warrants and 33,125 Shares of Class A Common Stock Underlying the Series A Convertible Preferred Stock) </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">132,500 Warrants to Purchase Shares of Class A Common Stock and Shares of Series A Convertible Preferred Stock </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">132,500 Shares of Series A Convertible Preferred Stock Underlying the Warrants </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This prospectus supplement updates and supplements the prospectus of Beneficient, a Nevada corporation (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;), dated October 2, 2023, which forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-273328) (the &#8220;Maxim Prospectus&#8221;), the prospectus dated October 2, 2023, which forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-273326) (the &#8220;SEPA Prospectus&#8221;), the prospectus dated October 2, 2023, which forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-273322) (the &#8220;Omnibus Prospectus&#8221;), and the prospectus dated October 2, 2023, which forms a part of our Post-Effective Amendment on Form S-1 to our Registration Statement on Form S-4, as amended (Registration No. 333-268741) (the &#8220;Post-Effective Amendment Prospectus&#8221; and, collectively with the Maxim Prospectus, SEPA Prospectus and Omnibus Prospectus, the &#8220;Prospectuses&#8221;). This prospectus supplement is being filed to update and supplement the information in the Prospectuses with the information contained in our Current Report on Form 8-K, filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on December 1, 2023. Accordingly, we have attached the Form 8-K to this prospectus supplement. </font></div><div style="margin-top:6pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This prospectus supplement should be read in conjunction with the Prospectuses. This prospectus supplement updates and supplements the information in the Prospectuses. If there is any inconsistency between the information in the Prospectuses and this prospectus supplement, you should rely on the information in this prospectus supplement. </font></div><div style="margin-top:6pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Class A common stock, par value $0.001 per share (the &#8220;Class A common stock&#8221;), is listed on The Nasdaq Global Market under the symbol &#8220;BENF,&#8221; and the warrants, with each warrant exercisable for one share of Class A common stock and one share of Series A preferred stock, par value $0.001 per share, at an exercise price of $11.50 (the &#8220;Warrants&#8221;), are listed on The Nasdaq Capital Market under the symbol &#8220;BENFW&#8221;. On November 30, 2023, the last reported sales price of the Class A common stock was $0.4974 per share, and the last reported sales price of our Warrants was $0.012 per Warrant. We are an &#8220;emerging growth company&#8221; and a &#8220;smaller reporting company&#8221; as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. Certain holders of our Class B common stock, par value $0.001 per share (the &#8220;Class B common stock&#8221;), have entered into a stockholders agreement concerning the election of directors of the Company, and holders of Class B common stock have the right to elect a majority of the Company&#8217;s directors. As a result, the Company is a &#8220;controlled company&#8221; within the meaning of the Nasdaq Listing Rules and may elect not to comply with certain corporate governance standards. </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Investing in our securities involves risk. See the sections entitled &#8220;Risk Factors&#8221; beginning on page 17 of the Maxim Prospectus, page 12 of the SEPA Prospectus, page 13 of the Omnibus Prospectus and page 13 of the Post-Effective Amendment Prospectus Supplement, and under similar headings in any further amendments or supplements to the Prospectuses, to read about factors you should consider before buying our securities. </font></div><div style="margin-top:6pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if any Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The date of this prospectus supplement is December 1, 2023. </font></div><div style="height:13.68pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div><div id="i3ac3423fd6594b4f9b98a0810a451c88_167"></div><hr style="page-break-after:always"><div style="min-height:35.28pt;width:100%"><div><font><br></font></div></div><div style="text-align:center;text-indent:219.3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;text-align:center;text-indent:219.3pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center;text-indent:106.55pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center;text-indent:219.3pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;text-align:center;text-indent:242.4pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">FORM 8-K</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center;text-indent:211.35pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CURRENT REPORT </font></div><div style="text-align:center;text-indent:211.35pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pursuant to Section 13 or 15(d)</font></div><div style="text-align:center;text-indent:194.15pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">of the Securities Exchange Act of 1934</font></div><div style="margin-top:6pt;text-align:center;text-indent:126.55pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of report (Date of earliest event reported)&#58; November 28, 2023</font></div><div style="margin-top:6pt;text-align:center;text-indent:219.3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;text-align:center;text-indent:230.1pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:22pt;font-weight:700;line-height:120%">Beneficient</font></div><div style="text-align:center;text-indent:184.2pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Exact Name of Registrant as Specified in Charter)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center;text-indent:184.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.244%"><tr><td style="width:1.0%"></td><td style="width:23.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.050%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.468%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Nevada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">001-41715</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">72-1573705</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">(State or Other Jurisdiction of Incorporation</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">(Commission<br>&#160;File Number)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">(I.R.S. Employer<br>&#160;Identification No.)</font></td></tr></table></div><div style="text-align:center;text-indent:184.2pt"><font><br></font></div><div style="text-align:center;text-indent:184.2pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">325 North St. Paul Street, Suite 4850</font></div><div style="text-align:center;text-indent:63.05pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Dallas, Texas 75201</font></div><div style="text-align:center;text-indent:15.65pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:112%">(Address of Principal Executive Offices, and Zip Code)</font></div><div style="text-align:center;text-indent:15.65pt"><font><br></font></div><div style="text-align:center;text-indent:15.65pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">(214) 445-4700</font></div><div style="text-align:center;text-indent:17.75pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:112%">Registrant&#8217;s Telephone Number, Including Area  Code</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center;text-indent:93.05pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">N&#47;A</font></div><div style="text-align:center;text-indent:-1.55pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(Former Name or Former Address, if Changed Since Last Report)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-indent:-1.55pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 (see General Instruction A.2. below)&#58;</font></div><div style="margin-top:6pt;text-indent:4.5pt"><font style="color:#202529;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#202529;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">    </font><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div><font><br></font></div><div style="text-indent:6pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div><font><br></font></div><div style="text-indent:6pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div><font><br></font></div><div style="text-indent:6pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="text-indent:6pt"><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act&#58;</font></div><div style="text-align:center;text-indent:184.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.936%"><tr><td style="width:1.0%"></td><td style="width:40.150%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.038%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.596%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Title of  each class</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Trading Symbol(s)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Name on each exchange on which registered</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Shares of Class A common stock, par value $0.001 per share</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">BENF</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Nasdaq Stock Market LLC</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Warrants, each whole warrant exercisable for one share of Class A common stock, par value $0.001 per share, and one share of Series A convertible preferred stock, par value $0.001 per share</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">BENFW</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Nasdaq Stock Market LLC</font></td></tr></table></div><div style="margin-top:6pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2 of this chapter).</font></div><div style="margin-top:6pt;text-align:right"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company &#9746;</font></div><div style="margin-top:6pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. &#9744;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="height:13.68pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div><div id="i3ac3423fd6594b4f9b98a0810a451c88_179"></div><hr style="page-break-after:always"><div style="min-height:35.28pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard&#59; Transfer of Listing.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 28, 2023, Beneficient (the &#8220;Company&#8221;) received a letter (the &#8220;Notice&#8221;) from the Listing Qualifications Department (the &#8220;Staff&#8221;) of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) notifying the Company that, for the previous 30 consecutive business days, the closing bid price for the Company&#8217;s Class A common stock, par value $0.001 per share (the &#8220;Class A Common Stock&#8221;), had been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (the &#8220;Bid Price Requirement&#8221;). The Notice has no effect at this time on the Class A Common Stock, which continues to trade on The Nasdaq Global Market under the symbol &#8220;BENF&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until May 28, 2024 (the &#8220;Compliance Date&#8221;), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the bid price for the Class A Common Stock closes at $1.00 or more for a minimum of 10 consecutive business days, the Staff will provide written notification to the Company that it has regained compliance with the Bid Price Requirement (unless the Staff exercises its discretion to extend the 10-day period).</font></div><div><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Company is not in compliance with the Bid Price Requirement by the Compliance Date, the Company may qualify for a second 180 calendar day period to regain compliance with the Bid Price Requirement. To qualify for an additional compliance period, the Company would need to transfer the listing of the Class A Common Stock to the Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Bid Price Requirement. If the Company does not qualify for or fails to regain compliance during the second compliance period, then the Staff will provide written notification to the Company that its Class A Common Stock will be subject to delisting. At that time, the Company may appeal the Staff&#8217;s delisting determination to the Nasdaq Listing Qualifications Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, that such an appeal would be successful.</font></div><div><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company intends to monitor the closing bid price of its Class A Common Stock and is evaluating available options, including seeking to effect a reverse stock split, to resolve the noncompliance matters described herein and intends to take appropriate steps to maintain its listing on Nasdaq. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Forward-Looking Statements</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Some of the statements contained in this Current Report on Form 8-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management&#8217;s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to 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 document. It is not possible to predict or identify all such risks. Many factors could cause actual future events to differ materially from the forward- looking statements in this Current Report on Form 8-K, including but not limited to&#58; our ability to cure any deficiencies in compliance with the Bid Price Requirement or maintain compliance with other Nasdaq Listing Rules&#59; our eligibility for additional compliance periods, if necessary, in which to seek to regain compliance with the Bid Price Requirement&#59; our ability to ultimately obtain relief or extended periods to regain compliance from Nasdaq, if necessary, or to meet applicable Nasdaq requirements for any such relief or extension&#59; and risks related to the substantial costs and diversion of management&#8217;s attention and resources due to these matters, and the risk factors that are described under the section titled &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission (the &#8220;SEC&#8221;). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.</font></div><div style="height:13.68pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div><div id="i3ac3423fd6594b4f9b98a0810a451c88_185"></div><hr style="page-break-after:always"><div style="min-height:35.28pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div><font><br></font></div><div style="text-indent:9pt"><font style="color:#202529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.947%"><tr><td style="width:1.0%"></td><td style="width:18.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.335%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.953%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">BENEFICIENT</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#47;s&#47; James G. Silk</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">James G. Silk</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Executive Vice President and Chief Legal Officer</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Dated&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">December 1, 2023</font></td></tr></table></div><div style="height:13.68pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div></body></html>
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