7GC & Co. Holdings and Banzai International, a marketing technology company that provides data-driven marketing and sales solutions, announced that the SEC has declared effective the registration statement on the deal. 7GC called a Dec. 5 meeting for shareholders to vote on the proposed business combination.
The parties in August amended terms of the deal, changing the total consideration payable to Banzai stockholders to $100 million based on the standalone value of Banzai, with no right to an earn-out as was cited in the original agreement. Additionally, the outside date for the closing the deal was extended to Dec. 28 and the minimum aggregate transaction proceeds condition was replaced with a net cash closing condition of at least $5 million.
The deal was valued at $380 million when announced last December.
If the merger is approved and closes, Banzai stock and warrants are expected to trade on the Nasdaq Capital Market under the ticker symbols BNZI and BNZIW. Read more.