UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement
On March 31, 2025, Banzai International, Inc. (the “Company”) entered into a subordinated business loan and security agreement (the “Loan Agreement”) with Agile Capital Funding, LLC (the “Collateral Agent”), and Agile Lending, LLC, a Virginia limited liability company (the “Lender”). Pursuant to the Loan Agreement, the Company issued a subordinated secured promissory note (the “March Agile Note”) for an aggregate principal amount of $4,000,000 and received $2,044,105 of proceeds, net of administrative agent fees of $200,000 paid to the Collateral Agent, and net of payments to the Lender of $1,755,895 as early prepayment of the remaining outstanding balance of the subordinated secured promissory note the Company has with the Lender dated December 12, 2024. The March Agile Note has a maturity date of November 12, 2025, and interest accrues at the annual rate of 44%. Interest on the March Agile Note shall accrue commencing on the effective date pursuant to the March Agile Note Agreement’s weekly repayment and amortization schedule.
The foregoing description of the Loan Agreement and the March Agile Note are qualified by reference to the full text of the Loan Agreement and the March Agile Note, which are filed as Exhibit 10.1 and 10.2 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Subordinated Business Loan and Security Agreement dated as of March 31, 2025, by and between the Company, Agile Capital Funding, LLC, and Agile Lending, LLC. | |
| 10.2 | Subordinated Secured Promissory Note dated as of March 31, 2025, by and between the Company and Agile Lending, LLC. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 11, 2025
| BANZAI INTERNATIONAL, INC. | ||
| By: | /s/ Joseph Davy | |
| Joseph Davy | ||
| Chief Executive Officer | ||