Banzai International (BNZI) said Tuesday its lenders and service providers agreed to write off up to $5.6 million of outstanding debts and restructure $19.2 million of existing obligations.
These agreements bring Banzai's total anticipated reduced and restructured liabilities to $28.8 million, including previously executed Cantor Fitzgerald fee restructuring, the company said.
Banzai also said about $15.3 million of debt will be eased off through a combination of private placement and debt restructuring, with company insiders including Alco Investment participating.
A term loan with CB BF Lending is also being converted to a fixed-price convertible with a two-year extension in the maturity date to February 2027, Banzai said.
Shares of the company were up more than 51% in recent Tuesday premarket activity.
Price: 6.3700, Change: +2.17, Percent Change: +51.67
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