In the latest session of the conventional market activities last Friday, Beneficient’s (NASDAQ: BENF) stocks exhibited a notable surge of 255.21%, settling at $6.82. This substantial upswing in BENF shares followed its successful compliance with the listing prerequisites.
The Nasdaq Stock Market LLC (“Nasdaq”) notified the Beneficient (BENF) that the minimum bid price requirement had been restored in accordance with the Nasdaq Listing Rules. The notice confirmed that the Company’s securities will remain listed and trade on Nasdaq.
Additionally, on Wednesday, May 1, 2024, Beneficient took part in the Planet MicroCap Showcase: VEGAS 2024. During the event, Beneficient executives delivered comprehensive insights into its market prospects and the operational framework adopted by the Company to address the unmet custody and liquidity demands of investors in alternative assets.
Beneficient Management also engaged in individual investor sessions on Thursday, May 2, 2024, as part of its involvement in the conference. These meetings with investors were arranged and conducted in person at the conference venue, Paris Hotel & Casino in Las Vegas, NV.
Additionally, Beneficient recently issued a statement addressing a complaint lodged on April 19, 2024, by the trustee of the GWG Litigation Trust (“Litigation Trustee”). Expressing disappointment, Beneficient responded to the Litigation Trustee’s decision to initiate legal action against Beneficient, its affiliated entities, and its officers and directors.
The Litigation Trustee’s action was based on a selectively construed interpretation of intricate and permissible business transactions, negotiated independently over several years, as GWG Holdings endeavored to execute its disclosed business strategy aimed at diversifying its investments beyond its concentrated stake in life insurance policies.
Despite being appointed ten months prior for another investigation, the Litigation Trustee’s assertions mirror issues previously raised in GWG Holdings’ bankruptcy proceedings, incurring significant costs to the GWG Holdings estate. The market has been cognizant of the allegations presented in the GWG Holdings bankruptcy case since 2022.
As extensively detailed in various GWG Holdings bankruptcy submissions, Beneficient maintains robust defenses against these claims. Pledging to vigorously contest the Litigation Trustee’s allegations in court, Beneficient is committed to furnishing a lucid, factually accurate, and comprehensive rebuttal to the narrative outlined in the complaint.
