Form 4: Beneficient Director Peter Cangany Reports Tax Withholding Transaction and Adjusted Share Holdings After Reverse Stock Split
SEC Form 4 Filing
Director Peter Cangany reports a transaction related to tax withholding obligations and adjusted share holdings following Beneficient's reverse stock split.
Summary
- Peter Cangany, a director of Beneficient (BENF), filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The filing reflects a transaction on June 7, 2024, where 317 shares of Class A common stock were withheld by Beneficient to satisfy tax obligations related to the settlement of restricted stock units (RSUs).
- The shares shown have been retroactively adjusted to reflect Beneficient's 1-for-80 reverse stock split, which was effected on April 18, 2024.
- Cangany directly owns 1,296 shares of Class A common stock.
- He also has indirect ownership through The Cangany Group, LLC and Cangany Capital Management, LLC, each holding 2,500 shares of Class A common stock.
- The filing also includes information about RSUs and restricted equity units (REUs) granted to Cangany under Beneficient's equity incentive plans.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing is specific to the director's holdings and tax obligations.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the director's stock ownership.
- The reverse stock split impacts all shareholders by reducing the number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| April 1, 2022 | Date of grant of 150 REUs to the Reporting Person pursuant to the 2018 Equity Incentive Plan |
| April 25, 2019 | Date of grant of 625 restricted equity units (REUs) granted pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan |
| April 18, 2024 | Beneficient's reverse stock split of its outstanding shares of Class A common stock, par value $0.001 per share ('Class A common stock'), and Class B common stock, par value $0.001 per share, on a 1-for-80 basis |
| June 7, 2024 | Date of transaction where 317 shares were withheld for tax obligations. |
| June 11, 2024 | Date of Form 4 filing. |
| July 15, 2023 | Date of grant of 643 RSUs granted pursuant to Beneficient 2023 Equity Incentive Plan |
| September 1, 2023 | 20% of the award of 643 RSUs granted pursuant to Beneficient 2023 Equity Incentive Plan vested |
Keywords
Form 4, Beneficient, BENF, Peter Cangany, Director, Stock Ownership, Reverse Stock Split, RSU, REU, Tax Withholding
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