DHC terminates GloriFi business combination after GloriFi announces wind-down; faces March 4 deadline

Brand Engagement Network Inc.

On Jan 26, 2023, DHC sent written notice terminating the Business Combination Agreement with GloriFi.
Termination was triggered by GloriFi's public announcement that it was winding down operations and closing its digital banking platform.
All ancillary agreements terminated as a result of the Business Combination Agreement termination.
DHC will consider other acquisition opportunities but must complete a combination by March 4, 2023.
DHC cited limited remaining time and current market conditions as constraints.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Brand Engagement Network Inc. terminated Business Combination Agreement and Plan of Reorganization with GloriFi, Inc. (effective 2023-01-26).

Action: termination
Agreement: merger
Counterparty: GloriFi, Inc.
Effective: 2023-01-26

Exact text from the filing

On January 26, 2023, DHC sent GloriFi written notice that DHC had terminated the Business Combination Agreement, pursuant to Section 9.01(i) and Section 9.01(f) the Business Combination Agreement.

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Source: SEC EDGAR

accession 0001193125-23-017772

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