Falcon’s Beyond Global (NASDAQ: FBYD) Announces Warrants Exchange Agreement

Falcon’s Beyond Global, Inc. (FBYD) recently disclosed in an 8-K filing with the Securities and Exchange Commission that on November 15, 2024, holders of over 50% of the publicly-held warrants of the company authorized the amendment of a warrant agreement. The agreement was with Continental Stock Transfer & Trust Company and pertained to the exchange of warrants for shares of the company’s Class A Common Stock.

The amendment in question, enacted on November 15, 2024, allows for the mandatory exchange of the warrants for shares of Class A Common Stock at an exchange ratio of 0.25 shares per warrant. This exchange is set to take effect on October 6, 2028, known as the Exchange Date, subject to the effective date of the Amendment following the mailing of an Information Statement to warrant holders in compliance with SEC rules.

During the period between the effective date of the Amendment and the Exchange Date, the warrants, as amended, will be non-exercisable, and holders will have no other rights except to receive shares of Class A Common Stock at the Exchange Ratio on the Exchange Date.

The company reported approximately 5,198,420 warrants outstanding as of the Record Date, November 11, 2024, which will be exchanged for roughly 1,299,605 shares of Class A Common Stock when the Exchange Date arrives. The exchange is anticipated to be conducted under an exemption from the registration requirements of the Securities Act of 1933, as per Section 3(a)(9) of the Act.

Moreover, Falcon’s Beyond Global disclosed that it has received executed consents from warrant holders approving the Amendment, and an Information Statement will be filed with the SEC and subsequently sent to the warrant holders, in accordance with SEC regulations.

The company also shared a joint press release with Infinite Acquisitions Partners LLC, a major shareholder, stating that Infinite has entered into a nonbinding letter of intent with Oceaneering International, Inc. (OII) for the acquisition of Oceaneering Entertainment Systems (OES). Additionally, Falcon’s Beyond Global entered into a nonbinding letter of intent for the operation of OES, should the transactions proceed.

Despite the positive developments, Falcon’s Beyond emphasizes in its cautionary statement that forward-looking statements in this report and related exhibits are subject to various risks and uncertainties that may cause actual results to differ from anticipated outcomes. The company does not guarantee the fruition of the transactions or the accuracy of forward-looking statements, and it undertakes no obligation to publicly update or revise such statements.

The 8-K filing’s complete text as well as the content of all referenced exhibits are available on the SEC’s website for detailed review.

This article is a summary of the 8-K filing by Falcon’s Beyond Global, Inc., and does not constitute financial advice or a recommendation to invest in FBYD.

Sources:
– SEC Filing by Falcon’s Beyond Global, Inc.
– Falcon’s Beyond Global, Inc. Press Release, dated November 19, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Falcon’s Beyond Global’s 8K filing here.

Falcon’s Beyond Global Company Profile

Falcon's Beyond Global, Inc operates as an entertainment company in the United States, Saudi Arabia, Caribbean, Hong Kong, and internationally. The company creates master plans; designs attractions and experiential entertainment; and produces content, interactives, and software, as well as engages in media and audio production, project management, experiential technologies, and attraction hardware development, procurement, and sales.