Beneficient — Form SCHEDULE 13D
Filed July 9, 2026 · analyzed by the Ownership Agent
SCHEDULE 13D
— Neutral
significance 72/100
What the filing says
On October 15, 2025, James G. Silk converted $4,577,326 of Preferred Series A Subclass 1 Unit Accounts into Class A Common Stock at a conversion price of $0.52 per share (minimum price $840 waived). Concurrently, Hicks Holdings Operating, LLC converted $92,485,639 of the same preferred units. Both parties signed voting and lock-up agreements restricting share transfers until October 1, 2028, with share forfeiture provisions if stock price rises by January 1, 2028.
Why this rating
Conversion of ~$97M in preferred equity to common at deeply discounted $0.52 price is significant dilution event relative to $8.6M market cap. However, neutral impact: waived minimums suggest company distress, but lock-ups and forfeiture clauses limit immediate downside risk. Event is real but execution details mitigate severity.
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