BEN Announces Closing of Business Combination, to Begin Trading on Nasdaq Under Symbol “BNAI”
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Insights
The completion of the business combination between Brand Engagement Network Inc. (BEN) and DHC Acquisition Corp. represents a strategic move in the AI industry, which is witnessing rapid growth and innovation. The merger is expected to enhance BEN's market position by leveraging DHC's financial resources and investor base, potentially leading to increased research and development capabilities. This can result in more advanced AI solutions that cater to personalized customer engagement—a key competitive parameter in today's market.
The merger also signifies confidence from DHC's shareholders, which could translate to a positive market reception. However, investor sentiment will need to be monitored closely as the combined entity begins trading under new ticker symbols. The market's response to BEN's performance post-merger will be important in determining the success of the transaction.
Moreover, the focus on 'business-safe AI solutions' suggests an emphasis on ethical AI practices, which is increasingly important to consumers and regulators. This could provide BEN with a reputational advantage in an industry where trust and compliance are becoming as important as technological innovation.
The initiation of trading for Brand Engagement Network Inc. on the Nasdaq Stock Market under the new ticker symbol 'BNAI' marks a pivotal moment for the company's financial future. The public listing is likely to provide BEN with greater access to capital, enhancing its ability to invest in technology and expand its market reach. The availability of publicly traded warrants 'BNAIW' also adds an investment instrument for potential investors, offering a leveraged bet on the company's future performance.
From a financial perspective, the key metrics to watch in the upcoming quarters will be BEN's revenue growth, market share expansion and the scalability of its AI platform. The ability to generate substantial value for stakeholders, as mentioned by the CEO, will be quantified in the company's financial statements, with particular attention to profitability, cash flow and return on investment.
Investors should consider the inherent risks associated with the AI industry, such as rapid technological changes and intense competition, which may impact BEN's ability to maintain its market position and deliver on growth expectations.
Brand Engagement Network Inc.'s emphasis on personalized consumer engagement and superior customer experience (CX) through AI solutions is indicative of the broader industry trend towards hyper-personalization. As businesses increasingly seek to differentiate themselves through technology, BEN's full-stack, human-like AI platform could see heightened demand, especially in sectors where customer engagement is a critical success factor.
The transition to a public company might accelerate BEN's innovation cycle, as the pressure to deliver shareholder value often drives increased investment in research and development. The company's commitment to 'helpful, friendly AI assistants' points to a user-centric approach to AI, which could resonate well with businesses looking to enhance their customer engagement strategies without sacrificing user trust.
Long-term success for BEN will likely depend on its ability to maintain technological leadership, protect its intellectual property and adapt to evolving industry standards and consumer expectations in the dynamic AI landscape.
The combined company is now called Brand Engagement Network Inc. and is expected to begin trading on the Nasdaq Stock Market on Friday, March 15, 2024, under the ticker symbol “BNAI” for its common stock and “BNAIW” for its publicly traded warrants.
“We are pleased to complete our business combination with DHC and begin our next chapter. As a pure play public AI company, we expect BEN will continue to lead the design of business-safe AI solutions. We are committed to AI that delivers to our customers personalized consumer engagement, superior CX, productivity and performance through helpful, friendly AI assistants,” said BEN CEO Michael Zacharski. “We are incredibly grateful to our leadership team, employees and partners around the world for their support in our journey. We are looking forward to the future and believe BEN is well-positioned to capitalize on significant growth opportunities and generate substantial value for all stakeholders.”
“BEN’s full-stack solution offers a scalable, customizable human-like AI platform that can increase customer engagement while delivering a safe, secure, consistent, and effective message,” said DHC Co-CEO and CFO Chris Gaertner. “We are pleased that our investors supported the merger and look forward to continuing our partnership as long-term owners and supporters of BEN”.
BEN’s management team, led by CEO and Michael Zacharski, Global President Paul Chang and CFO Bill Williams, will continue to lead the public company following the Business Combination.
About BEN
BEN (Brand Engagement Network) is a leading provider of conversational AI technology and human-like AI avatars headquartered in
For more information about BEN, please visit: https://beninc.ai/
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results of DHC and 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 “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” 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 DHC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: failure to realize the anticipated benefits of the Business Combination; risks relating to the uncertainty of the projected financial information with respect to BEN; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement; 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; and BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of DHC’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations after the completion of the Business Combination; the effects of competition on BEN’s business; the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments; and continuing risks relating to the COVID-19 pandemic. 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 DHC Acquisition Corp.’s Registration Statement on Form S-4, filed with the Securities and Exchange Commission on October 17, 2023, as amended.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240314111670/en/
BEN
Investors:
Ryan Flanagan, ICR
ryan.flanagan@icrinc.com
Media:
Dan Brennan, ICR
dan.brennan@icrinc.com
Source: Brand Engagement Network Inc.
FAQ
When did Brand Engagement Network Inc. complete a business combination with DHC Acquisition Corp.?
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