- The first day of trading for Beneficient (BENF) in 2023 was on June 7, 2023. On this day, Beneficient completed its business combination with Avalon Acquisition, Inc., and changed its name to Beneficient.
New board chairman appointment fueled 26.29% intraday surge.
The appointment of Peter T. Cangany Jr., a seasoned financial executive and former EY partner with over 40 years in accounting and audit leadership, as chairman effective December 15, 2025, was announced on December 17. This move replaced the late Thomas O. Hicks and signaled strengthened governance amid the company's efforts to stabilize operations. Traders reacted positively in early trading on December 18, extending momentum from the prior day's 19% gain, which followed the 1-for-8 reverse stock split implemented on December 15 to regain Nasdaq compliance. Volume spiked modestly, reflecting retail interest in the leadership refresh as a step toward resolving prior compliance and reporting issues.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds – with solutions that could help them unlock the value in their alternative assets. Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
