Group 1: Beneficient (BENF) - Beneficient experienced a significant stock price increase of 123.50%, reaching a day high of $1.05, with 487,058,365 shares traded [1][5] - The company has reported reduced operating costs and new product launches, positioning it for growth in adjacent markets [1] Group 2: Iron Horse Acquisitions Corp. Warrant (IROHW) - Iron Horse Acquisitions Corp. Warrant saw a 71.43% increase in stock price, reaching $0.12, with 292,633 shares traded, indicating growing interest in the company's business prospects [2] Group 3: Sunrise New Energy Co., Ltd. (EPOW) - Sunrise New Energy Co., Ltd. experienced a 57.95% increase in stock price, reaching $1.42 with a day high of $1.59, trading 48,846,415 shares, and is involved in graphite anode material for electric vehicles [2] Group 4: Innovation Beverage Group Limited (IBG) - Innovation Beverage Group Limited saw a 50.79% increase in stock price, reaching $4.74 with 58,516,680 shares traded, and is exploring a potential merger with BlockFuel Energy Inc. to expand its portfolio and market reach [3] Group 5: Market Overview - The recent price movements across various sectors indicate a dynamic market environment, with companies experiencing significant changes that attract investor and analyst attention [4][5]

Market Overview - U.S. stocks traded lower, with the Dow Jones falling more than 100 points, down 0.26% to 46,195.25, NASDAQ down 0.21% to 22,544.07, and S&P 500 down 0.17% to 6,649.65 [1] - Health care shares increased by 0.8%, while energy stocks decreased by 1.7% [1] Company Performance - Paychex (NASDAQ: PAYX) stock fell around 4% after reporting fiscal Q1 2026 results, with sales growth of 17% year-over-year to $1.540 billion, exceeding analyst estimates of $1.538 billion [2] - Adjusted EPS of $1.22 beat the consensus estimate of $1.21, and the company raised its fiscal 2026 adjusted EPS guidance to $5.43-$5.53, compared to the analyst consensus of $5.45 [2] Commodity Market - Oil prices fell by 1.8% to $62.33, while gold prices rose by 0.5% to $3,875.40 [4] - Silver decreased by 0.4% to $46.825, and copper fell by 0.5% to $4.8680 [4] International Markets - European shares were mostly higher, with the eurozone's STOXX 600 gaining 0.2% and Spain's IBEX 35 Index rising 0.8% [5] - Asian markets closed mixed, with Japan's Nikkei 225 down 0.25% and Hong Kong's Hang Seng up 0.87% [6] Economic Indicators - The Dallas Fed's general business activity index fell 12 points to -5.6 in September [7] - U.S. job openings rose by 19,000 to 7.227 million in August [10] - The Chicago Business Barometer declined to 40.6 in September from 41.5 in the previous month, below market expectations of 43 [10] - The S&P CoreLogic Case-Shiller Home Price Index increased by 1.8% year-over-year in July, while the FHFA house price index declined by 0.1% from the previous month [10] Stock Movements - Zhengye Biotechnology Holding Limited (NASDAQ: ZYBT) shares surged 70% to $3.72, while Beneficient (NASDAQ: BENF) shares rose 62% to $0.5898 after reporting fourth-quarter results [8] - Sunrise New Energy Co., Ltd. (NASDAQ: EPOW) shares increased by 52% to $1.37 following a patent grant [8] - Erayak Power Solution Group Inc. (NASDAQ: RAYA) shares dropped 45% to $4.6888, and NovaBay Pharmaceuticals, Inc. (NYSE: NBY) fell 13% to $1.35 [8]

Business Operations - Ben Liquidity's primary business unit focuses on providing liquidity products and services, with a significant emphasis on alternative asset liquidity and fiduciary financing[53]. - The AltAccess platform automates approximately 77% of transaction processes, aiming to enhance internal controls compliance and accelerate closing timelines[60]. - The ExAlt Plan facilitates liquidity and primary capital transactions, allowing customers to receive financing in as little as 15 days, or within 2-3 days for qualifying assets[62]. - Ben Liquidity generates revenue through monthly interest income and transaction fees, while Ben Custody earns fees based on a percentage of net asset value and unfunded capital commitments[78]. - The ExAlt Plan offers three core products: The Ben ExchangeTrust™, The Ben InterchangeTrust™, and The Ben LiquidTrust, designed to provide flexible financing solutions[67]. - Ben Custody provides full-service custody and trust administration services, addressing the regulatory burdens of holding alternative assets[54]. - The AltAccess platform is the first online portal specifically designed for customers to access a range of liquidity and capital solutions[58]. - The company aims to streamline operations by having an in-house broker-dealer, which is expected to reduce transaction costs and enhance service delivery[55]. - The automation and digital technologies employed in the AltAccess platform are intended to support increased transaction growth and improve efficiency[61]. Financial Performance - As of March 31, 2025, Ben Liquidity's loan portfolio has an aggregate original loan balance of approximately $906.8 million, backed by alternative assets with a net asset value of approximately $1.2 billion[90]. - Ben Liquidity has earned stated interest income of approximately $427.7 million from ExAlt Loans issued in connection with liquidity financings[90]. - The total allowance for credit losses on ExAlt Loans was $342.5 million, with a total gross loan balance of $586.5 million as of March 31, 2025[94]. - ExAlt Loans have a maturity date of 12 years, with variable interest rates established off a base rate of 10% or 14% depending on the loan origination date[101]. - The primary source of repayment for ExAlt Loans is the collateral, which includes cash flows from alternative assets, with expected annual revenue of approximately 7% to 14% of each loan balance[102]. - As of March 31, 2025, the ExAlt Loan Collateral Portfolio consists of interests in professionally managed funds and other investments valued at $291.4 million[90]. - Ben Liquidity successfully sold its first Participation ExAlt Loan for $72.5 million in the first calendar quarter of 2022[103]. Market Analysis - The global alternative investment market is estimated to consist of more than $19 trillion in assets under management, with approximately $8.3 trillion held by U.S.-based investors[112]. - The current focus markets of MHNW investors comprise approximately $1.7 trillion, while U.S.-based STMI investors account for approximately $1.8 trillion[112]. - The transaction volume in the U.S. secondary liquidity market was approximately $153 billion in 2024, growing from approximately $49 billion in 2013, representing a compound annual growth rate of 12.0%[112]. - The estimated annual market demand for liquidity by MHNW individual investors and STMI could exceed $60 billion, representing 1.5% to 2.2% of their aggregate outstanding alternative investment holdings[114]. - The total market for liquidity in the alternative asset class is estimated at $200 billion, with $64 billion of current estimated liquidity demand going underserved[115]. Regulatory Environment - The company plans to resubmit its application for an insurance charter to provide insurance products to affiliates, which will generate premium income upon approval[56]. - The company received a charter from the State of Kansas under the TEFFI Act, allowing it to operate as a regulated trust company, enhancing its competitive advantage[127]. - The TEFFI Act positions Kansas as a preferred low-tax jurisdiction for specialized trust companies offering alternative asset financial products and services[128]. - The company is the first to provide liquidity to alternative asset investors through a regulated trust company, using its own balance sheet to facilitate liquidity solutions[129]. - The company is subject to extensive regulation, including oversight from the SEC, FINRA, and the OSBC, which could impact its operations and financial condition[147][148]. - The cumulative effect of current laws and regulations could significantly increase operational costs and negatively impact profitability[153]. - Future legislation and regulatory reforms may significantly influence the company's operations and financial condition[154]. - The Kansas Legislature adopted the TEFFI Act in April 2021, allowing for the chartering of Kansas TEFFIs with fiduciary powers[155]. - The TEFFI Act mandates that the board of directors of a TEFFI must consist of 5 to 25 members, with at least one director being a Kansas resident[160]. Technology and Innovation - The company plans to leverage technological innovation to enhance underwriting, risk management, and compliance functions[134]. - The company estimates that its proprietary technology can provide customers with liquidity in as little as 30 days, and within two to three days for certain qualifying assets[118]. - The company completed the acquisition of MHT Securities, now known as AltAccess Securities Company, enhancing its broker-dealer capabilities[149]. - There are 8 pending non-provisional U.S. utility patent applications covering systems and processes related to the company's liquidity products and trust services[192]. Human Resources and Corporate Culture - The company employed approximately 55 employees as of September 22, 2025[195]. - The company offers a full complement of health and welfare benefits, including health, dental, vision, life insurance, and a 401(k) retirement plan[193]. - The company promotes equity ownership for employees through various incentive plans, including the 2023 Long Term Incentive Plan[193]. - The company focuses on building a workforce that is responsive to customer needs and innovative in creating new products and services[194]. - The company actively supports equal opportunity employment and provides an equitable and inclusive working environment[194]. Competitive Landscape - The company faces significant competition from other firms in the alternative assets industry, which may have greater resources and lower costs of funds[140]. - The expansion into complementary lines of business is a strategic focus, with plans to explore additional products critical to the alternative investment market[135]. Intellectual Property - As of September 22, 2025, the company owns 21 trademark registrations in the United States for its BEN house mark and related sub-brands[190]. - The company has three active trademark applications in the United States currently being prosecuted towards registration[190]. - The company holds three copyright registrations in the United States for its proprietary software platforms as of September 22, 2025[191].

Executive Summary & Highlights [Management Commentary & Outlook](index=1&type=section&id=1.1_ManagementCommentaryOutlook) Beneficient's Fiscal 2025 was transformative, streamlining operations, resolving legal issues, and transitioning leadership, now focusing on expanding liquidity programs and automation - **Fiscal 2025** was a turning point for Beneficient, marked by streamlined operations and execution of its business plan[3](index=3&type=chunk) - Following fiscal year-end, the company continued to resolve legal issues and completed a key executive transition[3](index=3&type=chunk) - Beneficient is positioned to help clients unlock value from their alternative assets through innovative solutions[3](index=3&type=chunk) - Future plans include expanding Preferred Liquidity Provider and Primary Commitment programs, and improving automation and technology-driven service enhancements[4](index=4&type=chunk) [Fourth Quarter Fiscal 2025 and Recent Highlights](index=1&type=section&id=1.2_Q4FY25RecentHighlights) Beneficient reported a decrease in investments' fair value and net loan portfolio, with operating expenses significantly declining in Q4 and FY25 due to reduced non-cash goodwill impairment and loss contingencies, alongside key legal settlements and new executive leadership appointments Investments and Loan Portfolio Overview | Metric | March 31, 2025 | March 31, 2024 | Change | | :-------------------------------- | :------------- | :------------- | :----- | | Investments (Fair Value) | $291.4 million | $329.1 million | -11.5% | | Net Loan Portfolio | $244.1 million | $256.2 million | -4.7% | - Completed three additional Primary Capital transactions with an initial value totaling **$11.8 million**, as part of the ExchangeTrust Product Plan[4](index=4&type=chunk) Operating Expenses (GAAP) | Period | FY25 | FY24 | Change | | :-------------------- | :----- | :----- | :----- | | Q4 Operating Expenses | $14.3 million | $151.9 million | -91% | | FY Operating Expenses | $16.2 million | $2.5 billion | -99% | Operating Expenses (Excluding Non-Cash Items) | Period | FY25 | FY24 | Change | | :-------------------- | :----- | :----- | :----- | | Q4 Operating Expenses | $14.3 million | $28.8 million | -50% | | FY Operating Expenses | $67.5 million | $140.6 million | -52% | - Received approval from the Bankruptcy Court for the settlement to resolve all claims related to previously disclosed lawsuits concerning GWG Holdings, Inc[4](index=4&type=chunk) - Completed the sale of certain investments held by Customer ExAlt Trusts for over **$36 million** in gross proceeds, used to pay down debt and provide working capital[4](index=4&type=chunk) - Appointed Thomas O. Hicks as Chairman of the Board and James G. Silk as interim Chief Executive Officer on July 21, 2025[4](index=4&type=chunk)[5](index=5&type=chunk) Loan Portfolio Overview [Business Strategy](index=2&type=section&id=2.1_BusinessStrategy) Beneficient's core business provides financing for alternative asset liquidity or early exits, resulting in a balance sheet primarily composed of loans collateralized by a diversified alternative asset portfolio, guided by patent-pending OptimumAlt technology - Ben's business plan focuses on providing financing for liquidity or early investment exits for alternative asset marketplace participants[6](index=6&type=chunk) - The balance sheet is organically developed and largely comprised of loans collateralized by a well-diversified alternative asset portfolio[6](index=6&type=chunk) - The ExAlt Loan origination strategy is built on the portfolio endowment model for fiduciary financings, utilizing patent-pending OptimumAlt technology[7](index=7&type=chunk) [Portfolio Diversification](index=2&type=section&id=2.2_PortfolioDiversification) As of March 31, 2025, Ben's loan portfolio is highly diversified across approximately 210 private market funds and 710 investments, spanning seven asset classes, over 11 industry sectors, and at least six countrywide exposures, with a net loan balance of $244.0 million - Loan portfolio is supported by a highly diversified alternative asset collateral portfolio, providing diversification across approximately **210 private market funds** and **710 investments**[8](index=8&type=chunk) - Diversification spans **seven asset classes**, over **11 industry sectors**, at least **six countrywide exposures**, and multiple vintages of investment dates[7](index=7&type=chunk) Loan Portfolio Balance (March 31, 2025) | Metric | Amount (in thousands) | | :------------------------------------ | :-------------------- | | Gross Loan Balance | $586,500 | | Allowance for Credit Losses | $342,500 | | Net Loan Balance | $244,000 | - The Company has been granted an extension to regain compliance with Nasdaq listing rules, subject to reporting and bid price requirements[12](index=12&type=chunk) - The Company is proactively investigating the validity of obligations under HCLP credit agreements to protect shareholder interests and strengthen its financial position[12](index=12&type=chunk) Business Segment Performance [Segment Performance Overview (Narrative)](index=3&type=section&id=3.1_SegmentPerformanceOverviewNarrative) In Q4 FY25, Ben Liquidity's interest income decreased due to nonaccrual loans, leading to an increased operating loss, while Ben Custody maintained stable revenues and improved operating income due to fewer credit losses, despite a decrease in NAV; for the full FY25, both segments saw significant operating loss improvements from reduced goodwill impairment and credit losses, despite revenue declines [Ben Liquidity Performance](index=3&type=section&id=3.1.1_BenLiquidityPerformance) Ben Liquidity experienced a Q4 FY25 interest income decline and increased operating loss due to nonaccrual loans, but its FY25 operating loss significantly improved due to lower non-cash goodwill impairment and credit losses Ben Liquidity Q4 FY25 Performance | Metric | Q4 FY25 (in thousands) | Q3 FY25 (in thousands) | Change % QoQ | | :-------------------- | :--------------------- | :--------------------- | :----------- | | Interest Income | $8,459 | $11,297 | -25.1% | | Operating Loss | $(12,340) | $(2,853) | NM | - Q4 FY25 interest income decline primarily due to a higher percentage of loans being placed on **nonaccrual status**[17](index=17&type=chunk) Ben Liquidity FY25 Performance | Metric | FY25 (in thousands) | FY24 (in thousands) | Change % YoY | | :-------------------- | :------------------ | :------------------ | :----------- | | Interest Income | $42,583 | $46,947 | -9.3% | | Operating Loss | $(12,802) | $(1,810,964) | +99.3% | | Adjusted Operating Loss | $(12,797) | $(41,177) | +68.9% | - FY25 operating loss improved significantly due to lower **non-cash goodwill impairment** (**$1.7 billion** in FY24) and credit losses[17](index=17&type=chunk) [Ben Custody Performance](index=3&type=section&id=3.1.2_BenCustodyPerformance) Ben Custody maintained stable Q4 FY25 revenues with improved operating income due to fewer credit losses, despite a decrease in NAV, and saw significant FY25 operating income improvement from reduced non-cash goodwill impairment Ben Custody Q4 FY25 Performance | Metric | Q4 FY25 (in thousands) | Q3 FY25 (in thousands) | Change % QoQ | | :-------------------- | :--------------------- | :--------------------- | :----------- | | Revenues | $5,396 | $5,410 | -0.3% | | Operating Income | $4,165 | $3,507 | +18.8% | | Adjusted Operating Income | $4,632 | $4,847 | -4.4% | Ben Custody NAV | Metric | March 31, 2025 (in millions) | March 31, 2024 (in millions) | Change | | :------------------------------------ | :--------------------------- | :--------------------------- | :----- | | NAV of Alternative Assets in Custody | $338.2 | $381.2 | -11.3% | - Decrease in NAV driven by **distributions** and **unrealized losses**, partially offset by **$1.4 million** of new originations[17](index=17&type=chunk) Ben Custody FY25 Performance | Metric | FY25 (in thousands) | FY24 (in thousands) | Change % YoY | | :-------------------- | :------------------ | :------------------ | :----------- | | Revenues | $21,574 | $24,534 | -12.1% | | Operating Income (Loss) | $13,288 | $(588,811) | NM | | Adjusted Operating Income | $18,522 | $19,764 | -6.3% | - FY25 operating income improvement primarily due to significantly lower **non-cash goodwill impairment** (**$3.4 million** in FY25 vs **$583.3 million** in FY24)[17](index=17&type=chunk) [Consolidated Financial Tables](index=4&type=section&id=3.2_ConsolidatedFinancialTables) Beneficient's consolidated financial tables for Q4 and YTD FY25 show a substantial improvement in GAAP revenues and operating loss, largely due to reduced non-cash goodwill impairment and loss contingencies, with the balance sheet indicating a decrease in total assets but a significant improvement in total equity deficit year-over-year [Consolidated Fiscal Fourth Quarter Results (Income Statement Summary)](index=4&type=section&id=3.2.1_ConsolidatedIncomeStatementSummary) Consolidated Fiscal Fourth Quarter Results (in thousands) | Metric | Fiscal 4Q25 | Fiscal 4Q24 | Change % vs. Prior Quarter | YTD Fiscal 2025 | YTD Fiscal 2024 | Change % vs. Prior YTD | | :------------------------------------ | :---------- | :---------- | :------------------------- | :-------------- | :-------------- | :--------------------- | | GAAP Revenues | $(30,969) | $(42,957) | NM | $(7,943) | $(98,696) | 92.0 % | | Adjusted Revenues | $(30,963) | $(39,717)

Core Insights - Beneficient has undergone a transformative year, significantly reducing operating costs, launching new products, and improving its financial position, positioning itself to capitalize on adjacent market growth opportunities [1][2]. Financial Performance - For the fourth quarter of fiscal 2025, Beneficient reported investments with a fair value of $291.4 million, down from $329.1 million at the end of the previous fiscal year [3]. - Operating expenses decreased by 91% to $14.3 million in Q4 2025 compared to $151.9 million in Q4 2024, which included a non-cash goodwill impairment of $68.1 million [3]. - For the fiscal year 2025, operating expenses were $16.2 million, a significant drop from $2.5 billion in fiscal 2024, which was impacted by a non-cash goodwill impairment of $2.4 billion [3]. - The company achieved an operating loss of $12.8 million for the year ended March 31, 2025, an improvement from an operating loss of $1.8 billion in the same period in 2024 [15]. Business Segments - Ben Liquidity recognized $8.5 million of interest income for Q4 2025, down 25.1% from the previous quarter, primarily due to a higher percentage of loans being placed on nonaccrual status [15]. - Ben Custody revenues were $21.6 million for the year ended March 31, 2025, a decrease of 12.1% compared to the prior year, mainly due to lower net asset values of alternative assets [14]. - The net asset value of alternative assets held in custody decreased to $338.2 million as of March 31, 2025, from $381.2 million a year earlier [15]. Strategic Developments - The company completed three additional Primary Capital transactions totaling an initial value of $11.8 million after March 31, 2025, as part of its ExchangeTrust Product Plan [3]. - Beneficient announced the approval of a settlement to resolve claims related to GWG Holdings, Inc., which is subject to final court approval [3]. - The company appointed Thomas O. Hicks as Chairman of the Board and James G. Silk as interim CEO on July 21, 2025 [3]. Market Positioning - Beneficient aims to democratize the global alternative asset investment market by providing solutions to mid-to-high net worth individuals and small-to-midsized institutions [39]. - The company’s proprietary online platform, AltAccess, facilitates exit opportunities and primary capital solutions for holders of alternative assets [1][39].

DALLAS, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced that, by letter dated September 9, 2025, the Company was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that the Nasdaq Hearings Panel (the “Panel”) had granted the Company’s request for contin ...

Core Points - Beneficient (NASDAQ: BENF) has been notified by Nasdaq regarding potential delisting due to delays in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which violates Nasdaq's periodic reporting requirements [1] - The company has previously faced issues with non-compliance related to the minimum bid price requirement and delays in filing its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which also put its securities at risk of delisting [2] - Beneficient has requested a hearing before the Nasdaq Hearings Panel to present its compliance plan and seek an extension for meeting the listing criteria [3] Company Overview - Beneficient aims to democratize the global alternative asset investment market by providing solutions for mid-to-high net worth individuals and small-to-midsized institutions to unlock value in their alternative assets [4] - The company's AltQuote tool offers customers various exit options quickly, while the AltAccess portal allows secure exploration of opportunities and proposals [4] - Beneficient's subsidiary, Beneficient Fiduciary Financial, L.L.C., operates under the Kansas Technology-Enabled Fiduciary Financial Institution Act and is regulated by the Office of the State Bank Commissioner [5]

Throughout his career, Mr. Silk has advised clients on a wide variety of business and legal issues across the alternative assets industry. He has counseled many of the industry's largest and most recognizable public and private asset management firms, including Goldman Sachs, Deutsche Bank, Credit Suisse, KKR, Brookfield, Bank of America, Merrill Lynch and Morgan Stanley. Mr. Silk has extensive expertise on developing alternative asset products and negotiating asset management mergers and acquisitions and o ...

Core Viewpoint - Beneficient is facing potential delisting from Nasdaq due to non-compliance with minimum bid price and delayed filing of its Annual Report, and plans to request a hearing to address these issues [1][2] Group 1: Company Compliance and Actions - The Company was notified by Nasdaq regarding its non-compliance with the minimum $1.00 bid price requirement and the delay in filing its Annual Report for the fiscal year ended March 31, 2025 [1] - Beneficient intends to request a hearing to present its compliance plan and seek an extension for meeting Nasdaq's listing criteria [2] - The Company is taking steps to demonstrate compliance with applicable listing criteria as soon as possible, although there is no guarantee that the request for continued listing will be granted [2] Group 2: Company Overview - Beneficient operates a technology-enabled platform aimed at providing exit opportunities and capital solutions for holders of alternative assets through its online platform AltAccess [1][3] - The Company targets mid-to-high net worth individuals, small-to-midsized institutions, and General Partners, offering tools like AltQuote for potential exit options [3] - Beneficient's subsidiary, Beneficient Fiduciary Financial, L.L.C., is regulated under the Kansas TEFFI Act [4]

Core Viewpoint - Beneficient has successfully closed a $1.91 million primary capital commitment for Mendoza Ventures Growth Fund III, LP, marking its third GP Primary transaction of the fiscal year and fourth since the program's launch in late 2024 [1][2][3] Group 1: Transaction Details - The Fund received approximately $1.91 million in shares of Beneficient's Resettable Convertible Preferred Stock, which can be converted into Class A common stock [2] - The transaction is expected to increase the collateral for Beneficient's ExAlt loan portfolio by approximately $1.91 million in interests in alternative assets [2] - Beneficient has entered into a Preferred Liquidity Provider Program Agreement with the Fund to facilitate ongoing liquidity solutions for the Fund and its limited partners [2] Group 2: Strategic Objectives - Beneficient's GP Primary Commitment Program aims to provide primary capital solutions and financing anchor commitments to general partners during fundraising efforts, addressing a potential demand of up to $330 billion for primary commitments [3] - The company is focused on pursuing additional opportunities that align with its strategic vision and growth objectives [3] Group 3: Company Overview - Beneficient is dedicated to democratizing the global alternative asset investment market by offering solutions to traditionally underserved investors, including mid-to-high net worth individuals and small-to-midsized institutions [4] - The company's AltQuote® tool allows customers to explore a range of potential exit options quickly, while the AltAccess® portal provides a secure online environment for proposals and opportunities [4]