Banzai and 7GC & Co. Holdings Inc. Announce Amendment To Business Combination Agreement
Portfolio Pulse from Happy Mohamed
Banzai International and 7GC & Co. Holdings Inc. (NASDAQ:VII) have amended their business combination agreement. The amendment removes the condition of Banzai's acquisition of Hyros Inc. for the business combination, 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. 7GC & Co. Holdings LLC will forfeit all its private placement warrants upon closing of the business combination.
August 07, 2023 | 12:34 pm
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NEUTRAL IMPACT
The amendment to the business combination agreement between Banzai and 7GC & Co. Holdings Inc. (NASDAQ:VII) could impact VII's stock price. The changes include the removal of the condition of Banzai's acquisition of Hyros, a new total consideration for Banzai stockholders, and an extended closing date.
The amendment to the business combination agreement could lead to uncertainty among investors, potentially impacting the stock price of 7GC & Co. Holdings Inc. (NASDAQ:VII). The removal of the condition of Banzai's acquisition of Hyros and the change in total consideration payable to Banzai stockholders could be seen as significant changes, potentially affecting investor sentiment.
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