Banzai International Inc. - VIIAW 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.

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.

On December 22, 2020, 7GC & Co. Holdings Inc. priced its upsized IPO at $10.00 per unit, totaling 20 million units, to be traded on Nasdaq under the symbol VIIAU. Each unit includes one share of Class A common stock and half a redeemable warrant, with warrants exercisable at $11.50 per share. The offering is set to close on December 28, 2020. The company, focused on technology sector mergers, has granted underwriters a 45-day option for an additional 3 million units.