Beneficient (NASDAQ:BENF) surged after the financial services company said it has consummated a transaction to increase permanent equity by $35M, and now has stockholders' equity required to regain compliance with Nasdaq rules.

BENF shares were trading +26.14% Friday pre-market at $1.11.

The company said it has consummated a previously announced transaction, pursuant to which ~$35M of its preferred equity was redesignated as non-redeemable.

BENF said it now has stockholders' equity of at least $2.5M, the amount required to regain compliance with Nasdaq's minimum stockholders' equity requirement.

The company said the compliance with Nasdaq's minimum stockholders' equity requirement remains subject to the stock exchange's final determination.

Source: Press Release