09:13 AM EDT, 09/24/2024 (MT Newswires) -- Banzai International ( BNZI ) said Tuesday its lenders and service providers agreed to write off up to $5.6 million of outstanding debts and restructure $19.2 million of existing obligations.

These agreements bring Banzai's total anticipated reduced and restructured liabilities to $28.8 million, including previously executed Cantor Fitzgerald fee restructuring, the company said.

Banzai also said about $15.3 million of debt will be eased off through a combination of private placement and debt restructuring, with company insiders including Alco Investment participating.

A term loan with CB BF Lending is also being converted to a fixed-price convertible with a two-year extension in the maturity date to February 2027, Banzai said.

Shares of the company were up more than 51% in recent Tuesday premarket activity.

Price: 6.3700, Change: +2.17, Percent Change: +51.67