Banzai International, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Unregistered Sales of Equity Securities None. Use of Proceeds For a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 5 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 26, 2021. There has been no material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration Statement. The specific investments in our Trust Account may change from time to time. In December 2022, we instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at Morgan Stanley, with Continental continuing to act as trustee, until the earlier of the consummation of our initial Business Combination or our liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government securities or money market funds. Purchases of Equity Securities by the Issuer and Affiliated Purchasers On June 26, 2023, we held the Second Meeting and approved, among other things, the Second Extension Amendment, which extended the date by which we must consummate a business combination from June 28, 2023 to December 28, 2023 (or such earlier date as determined by the board). In connection with the Second Extension Amendment, stockholders holding 1,747,139 Public Shares exercised their right to redeem such shares for a pro rata portion of the Trust Account. We paid cash in the aggregate amount of approximately $18.4 million or approximately $10.55 per share to redeeming stockholders in the Second Extension Redemptions. The following table contains monthly information about the repurchases of our equity securities for the three months ended June 30, 2023: Period (a) Total number of shares (or units) purchased (b) Average price paid per share (or unit) (c) Total number of shares (or units) purchased as part of publicly announced plans or programs (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs April 1—April 30, 2023 — — — — May 1—May 31, 2023 — — — — June 1—June 30, 2023 1,747,139 $ 10.55 — — Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.