Last year, Beneficient announced plans to go public via a merger with Avalon Acquisition Company (AVAC.O). Avalon stockholders approved the deal on Tuesday, said the source who was not permitted to discuss the confidential matter. Beneficient provides liquidity and services to qualified individuals and smaller institutions invested in private equity, venture capital and other alternative assets. The company is expected to begin trading this week on Nasdaq under the ticker BENF and the combined company will be called Beneficient, the person said. Special purpose acquisition companies (SPACs) are publicly listed companies that were raised with the intention of merging with a private company, which then goes public through the merger.

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Persons: Beneficient, Brad Heppner, Donald Putnam, Craig Cognetti, Svea Herbst, Bayliss, Lisa Shumaker Organizations: YORK, Avalon Acquisition, Avalon, Nasdaq, Beneficient, Crossroads Group, Grail Partners, Putnam Lovell Securities, Svea, Thomson Locations: Avalon