PRISM NextGen Tech and AI Index Leader, Brand Engagement (BNAI) Up 88% on Private Placement News
Brand Engagement Network Inc. (BNAI), a rising provider of personalized customer engagement AI, today announced the successful closure of a private placement with existing investors, securing $4.95 million through the sale of common stock and warrants. This funding will enhance BEN’s financial flexibility as it advances the development of its human-like, business-safe conversational AI assistants. Concurrently, BEN has promoted Paul Chang to Co-CEO, joining Michael Zacharski in leading the company.
The stock has risen 88% on the announcement and is leading the PRISM NextGen Tech and AI Index.
“Our announcements today signify a strong vote of confidence in our strategy from our Board, executive team, and existing investors,” stated Chris Gaertner, Chairman of BEN’s Board of Directors. “This investment will enable BEN to continue executing its growth and revenue strategies.”
The investment, supported by existing BEN shareholders, consists of a combination of common stock and warrants priced at $2.50 per share, significantly higher than the current market price of BEN’s stock. Additionally, some investors have agreed to provide further capital by exercising their warrants if the company does not raise an additional $3.25 million by October 31, potentially increasing the total investment to $8.25 million.
Paul Chang, who joined BEN as Global President in May 2023 after an 18-year tenure at IBM and roles in various startups, has been promoted to Co-CEO alongside Michael Zacharski. In his new role, Chang will oversee BEN’s commercial operations, focusing on market validation and business growth. Zacharski will concentrate on inorganic growth opportunities, including mergers and acquisitions and other strategic transactions.
