BRIEF-OpenAI's Plan Is To Transform Existing For-Profit Into A Delaware Public Benefit Corporation⁠

Dec 27 (Reuters) -

• OPENAI: PLAN IS TO TRANSFORM EXISTING FOR-PROFIT INTO A DELAWARE PUBLIC BENEFIT CORPORATION⁠

• OPENAI’S BOARD OF DIRECTORS EVALUATING CORPORATE STRUCTURE TO CHOOSE A NON-PROFIT / FOR-PROFIT STRUCTURE - BLOG POST

• OPENAI: PBC WILL RUN AND CONTROL OPENAI’S OPERATIONS & BUSINESS, WHILE NON-PROFIT WILL HIRE LEADERSHIP TEAM AND STAFF TO PURSUE CHARITABLE INITIATIVES

• OPENAI: NON-PROFIT’S SIGNIFICANT INTEREST IN THE EXISTING FOR-PROFIT WOULD TAKE THE FORM OF SHARES IN THE PBC

• OPENAI: PBC WILL ENABLE US TO RAISE NECESSARY CAPITAL WITH CONVENTIONAL TERMS LIKE OTHERS IN THIS SPACE - BLOG POST

• OPENAI: NON-PROFIT WILL HIRE A LEADERSHIP TEAM AND STAFF TO PURSUE CHARITABLE INITIATIVES- BLOG POST

Source text: [https://tinyurl.com/m6p33wa9]

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((Reuters.Briefs@thomsonreuters.com;))