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Shareholders approve $4M Yorkville financing and adjournment proposal at special meeting
BENFBeneficient
Beneficient stockholders approved Proposal 1 to issue Class A common shares to Yorkville under a standby equity purchase agreement and convertible promissory notes totaling $4.0 million, satisfying Nasdaq Listing Rule 5635(d). The company also approved an adjournment proposal, though none was required as sufficient votes were present. BHI, controlled by former CEO Brad Heppner, challenged the validity of shares issued in October 2025 via a prior exchange agreement; management rejected these objections, citing estoppel and fraud defenses related to Heppner's prior convictions. Beneficient operates in the healthcare technology sector.