BEN Announces Private Placement at Premium to Market Price, Secures $50 Million Standby Equity Purchase Agreement
Brand Engagement Network (BEN) (Nasdaq: BNAI) has secured significant funding through two key transactions. The company closed a $5.925 million private placement with existing investors, selling shares at $5.00 each, above the current market price. Additionally, BEN entered a $50 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors, accessible over three years.
These financial moves aim to support BEN's strategic growth, market validation, and scaling of its human-like, conversational AI assistants. The private placement involves complex share transfers and warrant issuances, while the SEPA provides flexible capital access. However, the SEPA's utilization is pending SEC approval of a registration statement.
Il Brand Engagement Network (BEN) (Nasdaq: BNAI) ha ottenuto un finanziamento significativo attraverso due transazioni chiave. L'azienda ha chiuso un collocamento privato di 5,925 milioni di dollari con investitori esistenti, vendendo azioni a 5,00 dollari ciascuna, sopra il prezzo di mercato attuale. Inoltre, BEN ha stipulato un Accordo di Acquisto di Capitale di Emergenza (SEPA) di 50 milioni di dollari con Yorkville Advisors, accessibile nell'arco di tre anni.
Queste manovre finanziarie mirano a supportare la crescita strategica di BEN, la validazione del mercato e l'espansione dei suoi assistenti AI conversazionali simili agli esseri umani. Il collocamento privato implica trasferimenti azionari complessi e emissioni di warrant, mentre il SEPA offre accesso a capitale flessibile. Tuttavia, l'utilizzo del SEPA è subordinato all'approvazione da parte della SEC di una dichiarazione di registrazione.
Brand Engagement Network (BEN) (Nasdaq: BNAI) ha obtenido una financiación significativa a través de dos transacciones clave. La compañía cerró un colocación privada de 5,925 millones de dólares con inversionistas existentes, vendiendo acciones a 5,00 dólares cada una, por encima del precio de mercado actual. Además, BEN celebró un Acuerdo de Compra de Capital de Emergencia (SEPA) de 50 millones de dólares con Yorkville Advisors, accesible a lo largo de tres años.
Estos movimientos financieros tienen como objetivo apoyar el crecimiento estratégico de BEN, la validación en el mercado y la ampliación de sus asistentes de IA conversacionales similares a los humanos. La colocación privada implica transferencias de acciones complejas y emisión de garantías, mientras que el SEPA proporciona acceso a capital flexible. Sin embargo, la utilización del SEPA está pendiente de la aprobación de la SEC de una declaración de registro.
브랜드 참여 네트워크(BEN) (Nasdaq: BNAI)가 두 가지 주요 거래를 통해 상당한 자금을 확보했습니다. 이 회사는 기존 투자자들과 함께 5925만 달러의 사모 투자를 마감하며 주식을 주당 5.00 달러에 판매했으며, 이는 현재 시장 가격보다 높은 가격입니다. 또한, BEN은 Yorkville Advisors와 5천만 달러의 긴급 자본 구매 계약(SEPA)를 체결하여 향후 3년간 이용할 수 있습니다.
이러한 금융 전략은 BEN의 전략적 성장, 시장 검증 및 인간과 유사한 대화형 AI 어시스턴트의 확장을 지원하는 것을 목표로 합니다. 사모 투자는 복잡한 주식 이전과 보증서 발행을 포함하며, SEPA는 유연한 자본 접근을 제공합니다. 하지만 SEPA의 사용은 SEC의 등록 명세서 승인 대기 중입니다.
Le Brand Engagement Network (BEN) (Nasdaq: BNAI) a sécurisé un financement significatif à travers deux transactions clés. L'entreprise a clôturé une placement privé de 5,925 millions de dollars avec des investisseurs existants, vendant des actions à 5,00 dollars chacune, au-dessus du prix du marché actuel. De plus, BEN a signé un Contrat de Souscription d'Équité de Réserve (SEPA) de 50 millions de dollars avec Yorkville Advisors, accessible sur trois ans.
Ces mouvements financiers visent à soutenir la croissance stratégique de BEN, la validation sur le marché et l'extension de ses assistants IA conversationnels semblables à des humains. Le placement privé implique des transferts d'actions complexes et des émissions de bons, tandis que le SEPA offre un accès flexible au capital. Cependant, l'utilisation du SEPA est en attente de l'approbation de la SEC pour une déclaration d'enregistrement.
Das Brand Engagement Network (BEN) (Nasdaq: BNAI) hat durch zwei wichtige Transaktionen erhebliche Mittel gesichert. Das Unternehmen schloss eine Privatplatzierung über 5,925 Millionen Dollar mit bestehenden Investoren ab und verkaufte Aktien zu 5,00 Dollar pro Stück, über dem aktuellen Marktpreis. Zudem hat BEN einen 50 Millionen Dollar Standby Equity Purchase Agreement (SEPA) mit Yorkville Advisors abgeschlossen, der über drei Jahre hinweg verfügbar ist.
Diese finanziellen Maßnahmen zielen darauf ab, BENs strategisches Wachstum, die Validierung auf dem Markt und die Skalierung seiner menschlichen, konversationellen KI-Assistenten zu unterstützen. Die Privatplatzierung umfasst komplexe Aktienübertragungen und Emissionen von Warrants, während der SEPA flexible Kapitalzugänge bietet. Allerdings steht die Nutzung des SEPA unter dem Vorbehalt der Genehmigung einer Registrierungsanmeldung durch die SEC.
- Secured $5.925 million through private placement at $5.00 per share, above market price
- Entered $50 million Standby Equity Purchase Agreement with Yorkville Advisors
- Increased financial flexibility for strategic growth initiatives
- Support for expanded market validation and production scaling of AI assistants
- SEPA utilization pending SEC approval of registration statement
- Issuance of 960,000 warrants at $5.00 per share, potentially diluting existing shareholders
- Release of 1,252,500 shares from lockup restrictions, potentially increasing sell pressure
The private placement and SEPA provide significant financial flexibility for BEN. The
BEN's focus on "safe and secure customer engagement AI" aligns with growing market demand for trustworthy AI solutions. The emphasis on human-like, conversational AI assistants suggests advanced natural language processing capabilities. The company's plans for "expanded market validation and production scaling" indicate a transition from development to commercialization phase. This could potentially accelerate revenue growth if successful. However, the AI market is highly competitive, with tech giants and startups vying for dominance. BEN's success will depend on its ability to differentiate its offerings and effectively scale its technology. Investors should closely monitor BEN's progress in market penetration and any unique features of its AI assistants.
The AI customer engagement market is experiencing rapid growth, with a projected CAGR of
JACKSON, Wyo., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Brand Engagement Network Inc. (“BEN”) (Nasdaq: BNAI), an emerging provider of safe and secure customer engagement AI, today announced it has closed a private placement with existing investors to purchase shares of BEN’s common stock in the aggregate amount of
The private placement is backed by a group of existing BEN stockholders, who agreed to purchase 1.185 million shares of common stock at
Under the terms of the SEPA, Yorkville Advisors has agreed to purchase BEN shares up to the aggregate amount of
About BEN
BEN (Brand Engagement Network) is a leading provider of conversational AI technology and human-like AI avatars headquartered in Jackson, WY. BEN delivers highly personalized, multi-modal (text, voice, and vision) AI engagement, with a focus on industries where there is a massive workforce gap and an opportunity to transform how consumers engage with networks, providers, and brands. The backbone of BEN’s success is a rich portfolio of conversational AI applications that drive better customer experience, increased automation and operational efficiencies. Powered by a proprietary large language model developed based on years of research and development from leading experts in AI and advanced security methodologies, BEN seeks to partner with companies with complementary capabilities and networks to enable meaningful business outcomes.
Additional information about BEN can be found here: https://beninc.ai/.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts, and involve risks and uncertainties that could cause actual results of BEN to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” or “would,” or, in each case, their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside BEN’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: risks relating to the uncertainty of the projected financial information with respect to BEN; uncertainty regarding and the failure to realize the anticipated benefits from future production-ready deployments; the attraction and retention of qualified directors, officers, employees and key personnel; our ability to grow our customer base; BEN’s history of operating losses; BEN’s need for additional capital to support its present business plan and anticipated growth; technological changes in BEN’s market; the value and enforceability of BEN’s intellectual property protections; BEN’s ability to protect its intellectual property; BEN’s material weaknesses in financial reporting; BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of BEN’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations; the effects of competition on BEN’s business; and the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments. The foregoing list of factors is not exhaustive.
BEN cautions that the foregoing list of factors is not exclusive. BEN cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEN does not undertake nor does it accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, and it does not intend to do so unless required by applicable law. Further information about factors that could materially affect BEN, including its results of operations and financial condition, is set forth under “Risk Factors” in BEN’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q subsequently filed with the Securities and Exchange Commission.
BEN Contacts
Investors:
Ryan Flanagan, ICR
ryan.flanagan@icrinc.com
Media:
Dan Brennan, ICR
dan.brennan@icrinc.com
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