Banzai International Inc. - VII STOCK NEWS

7GC & Co. Holdings Inc. (NASDAQ: VII) and Banzai International, Inc. announce a special meeting of stockholders on December 5, 2023, to approve a proposed business combination. The U.S. Securities and Exchange Commission has declared effective the registration statement on Form S-4 in connection with the Business Combination. The record date is set for October 27, 2023, and the meeting date for the Special Meeting is December 5, 2023. Stockholders must exercise their redemption rights by December 1, 2023. Upon closing of the Business Combination, the combined company will be named Banzai International, Inc., and its Class A common stock and warrants are expected to trade on the Nasdaq Capital Market under the ticker symbols “BNZI” and “BNZIW”.

7GC & Co. Holdings Inc. files registration statement for proposed business combination with Banzai International, Inc.

Banzai International and 7GC & Co. Holdings have entered into an amendment to their business combination agreement. The amendment removes the requirement for Banzai's acquisition of Hyros Inc., changes the total consideration payable to Banzai stockholders to $100 million, extends the closing date to December 28, 2023, and replaces the minimum aggregate transaction proceeds condition with a minimum net cash closing condition of $5 million. The Sponsor of 7GC agreed to forfeit all its private placement warrants at the closing of the Business Combination.

Hyros has announced the appointment of Inman Breaux as CEO, effective March 2023. Breaux aims to enhance the company's go-to-market strategy amid the ongoing merger with Banzai International. The acquisition, valued at approximately $110 million, is expected to solidify Banzai's marketing technology platform by integrating Hyros' multi-channel attribution services. Hyros focuses on improving privacy-safe attribution for digital marketers, crucial amid new regulations. Alex Becker, the former CEO, transitions to Chief Revenue Officer, emphasizing product development.

Banzai International, Inc. has announced the launch of a new product, Boost, aimed at enhancing registration for virtual webinars and events. This innovative tool empowers marketers to create social sharing campaigns, enabling registrants to promote events in exchange for rewards. Boost integrates seamlessly with Banzai’s existing platform, Demio, simplifying event management. It is currently available for purchase, with a special offer making it free for existing Demio customers until March 31, 2023. Banzai also confirms an ongoing business combination with 7GC & Co. Holdings Inc. (NASDAQ: VII).

7GC & Co. Holdings announced a postponement of its special meeting, now set for December 21, 2022, at 3:00 p.m. Eastern Time. The record date remains November 21, 2022. Stockholders can vote even if they sold shares afterward. The deadline to redeem Class A common stock shares has been extended to December 20, 2022. To address potential excise tax liabilities from redemptions, the sponsor will indemnify the company. If the extension proceeds, $900,000 or $0.18 per outstanding share will be deposited into the Trust Account.

Banzai International and 7GC & Co. Holdings have entered a definitive agreement for a business combination, with Banzai set to become publicly traded.

The post-transaction enterprise value is estimated at $380 million, including $207 million in cash and a $100 million equity facility from GEM.

Banzai’s acquisition of Hyros for approximately $110 million aims to enhance its digital marketing capabilities, while the video engagement market is projected to grow significantly by 2030.

7GC & Co. Holdings Inc. (NASDAQ: VIIAU) announced that starting February 12, 2021, unit holders can separately trade Class A common stock and warrants from its IPO. The stocks will trade under the symbols VII for Class A common stock and VIIAW for warrants, while units will continue trading as VIIAU. No fractional warrants will be issued. The company is a blank check entity formed for merging with businesses, primarily targeting the technology sector. This announcement does not constitute an offer to buy or sell securities.