Banzai announces agreement to acquire OpenReel

Banzai (BNZI) International announced that it has signed a definitive agreement to acquire OpenReel, a leading digital video creation platform. OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. Under the terms of the agreement, the aggregate merger consideration shall be a number of shares of Banzai Class A Common Stock, and/or Pre-Funded Warrants exercisable for shares of Class A Common Stock in lieu thereof, equal to $19.6 million. The transaction is expected to close in December 2024, subject to the satisfaction of customary closing conditions.