Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 128

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 128
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With respect to payment of dividends and distribution of assets upon liquidation, dissolution or winding up of the Company, the Series B Convertible Preferred Stock will rank (i) junior to the Series A Convertible Preferred Stock and any class or series of equity securities of the Company that, by its terms, expressly ranks senior to the Series B Convertible Preferred Stock; (ii) senior to all other classes or series of Holdings Common Stock and any other class or series of capital stock of the Company that by its terms is not expressly senior to, or on parity with, the Series B Convertible Preferred Stock; and (iii) on parity with any class or series of capital stock of the Company hereafter created that expressly ranks pari passu with the Series B Convertible Preferred Stock.

Dividend

Holders of shares of Series B Convertible Preferred Stock are entitled to receive, when, as and if authorized by the Board and declared by the Company out of funds legally available for the payment of dividends, a cumulative dividend at a rate of seven percent (7%) per annum, payable and compounded quarterly on the last day of each quarter. At the discretion of the Company, the payment may be made in cash or up to 50% of the amount due, in duly authorized, validly issued, fully paid and non-assessable share of Series B Convertible Preferred Stock at a value of $10 per share.

Conversion

The Series B Convertible Preferred Stock may be converted into shares of Common Stock, at the option of the investor at a rate equal to the quotient of (i) $10.00 divided, by (ii) the product of (A) .80 multiplied by, (B) the volume weighted average price for the 20 trading days during the 30-day period immediately prior to such conversion, provided that in no event shall the denominator be less than $6.00 per share.

Optional Redemption

The Company may, at its option, in whole, or part, redeem the Series B Convertible Preferred Stock any time after the first anniversary of the date of the Series B Subscription Agreement at a redemption price equal to the greater of (i) $12.00 per share of Series B Convertible Preferred Stock, plus accrued but unpaid dividends or (A) 1.20 multiplied by (B) the volume weighted average price for 20 trading days during the 30-day period immediately prior to the redemption; provided that such price shall not greater than $20.00.

Anti-dilution Provisions