Banzai International and 7GC & Co. Holdings made several amendments to their business combination agreement dated Dec. 8.
Among the changes, the closing of Banzai’s acquisition of Hyros is no longer a condition to the closing of the SPAC deal, while the total consideration payable to Banzai stockholders is changed to $100 million based on the standalone value of Banzai, with no right to an earn-out as was cited in the original agreement. Aditionally, 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.
At announcement the deal was valued at $380 million.
Banzai’s platform of marketing tools creates videos, webinars, virtual events, and other digital marketing campaigns.
Banzai had previously agreed to acquire Hyros in a merger that was intended to close immediately prior to closing the deal with 7GC. Banzai and Hyros agreed to terminate the Hyros Merger Agreement on Aug. 1.
7GC & Co. Holdings’ sponsor agreed to forfeit all 7.35 million of its private placement warrants provided the merger is completed. The warrants would be transferred by the sponsor to the SPAC and cancelled without compensation. Read more.
