Beneficient (NASDAQ: BENF) stock soared during intraday trading Friday following the announcement of the termination of a Securities and Exchange Commission (SEC) investigation.
Beneficient, a leading financial services firm, recently announced that the Securities and Exchange Commission (SEC) has issued termination letters to the Company and its founder, Chairman, and Chief Executive Officer, Brad Heppner. These letters indicate that the SEC has concluded its investigation and does not intend to recommend any enforcement action under the previously issued Wells Notices.
In light of this development, Beneficient has announced a delay in updating its Annual Report on Form 10-K for the fiscal year ending March 31, 2024. The company needs additional time to incorporate the updated information before filing the report.
Consequently, Beneficient has rescheduled its earnings webcast and earnings release for the fourth quarter and Fiscal 2024 from July 2, 2024, to before the market opens on Tuesday, July 9, 2024. The company will host a webcast to present these results on the same day at 8:30 a.m. Eastern Daylight Time.
Beneficient (NASDAQ: BENF) Stock Reaction
BENF stock surged 125.12% on Friday, closing at $4.84, marking a 93.60% increase for the week. The trading volume was 46,477,688 shares, significantly higher than the average daily volume of 1.64 million.
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