Beneficient (NASDAQ:BENF) surged 64.25% to $0.80 in after-hours trading on Tuesday following the announcement that Chairman Thomas O. Hicks and Interim CEO James G. Silk converted preferred shares into common stock.

Check out the current price of BENF stock here. 

Executive Conversion Transaction

According to the company's Tuesday statement, Hicks converted about $48 million of Preferred A-1 Unit Accounts of Beneficient Company Holdings, L.P., into Class A common stock, receiving 92.49 million shares.

Silk converted $4.6 million of Preferred A-1 Unit Accounts into 8.81 million shares of Class A common stock.

Nasdaq Listing Compliance

On Oct. 3, Nasdaq informed Beneficient that the company failed to meet the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1).

The Texas-based financial services company is now aiming to comply with the market value of listed securities rule, Nasdaq Listing Rule ...