---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-230794"
form_type: "8-K"
ticker: "BNAI"
cik: "0001838163"
company_name: "Brand Engagement Network Inc."
filed_at: "2023-09-08T23:59:59+00:00"
generated_at: "2026-06-10T22:18:38.100891+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# DHC Acquisition Corp. to merge with Brand Engagement Network; AFG invests $6.5M plus up to $26M

## Summary
- DHC SPAC will domesticate to Delaware and rename to Brand Engagement Network Inc., merging with BEN.
- AFG receives 1.75M shares and 3.75M earnout warrants ($10 strike); AFG investors subscribe for $6.5M initial and up to $26M in installments at $2.11 floor.
- BEN stockholders subject to 12-month lock-up, or earlier if share price exceeds $18 for 20 of 30 trading days.
- Closing requires ≥$5M net tangible assets post-redemption; HSR clearance, SEC S-4 effectiveness, and shareholder approvals.
- Business combination must close by Dec 4, 2023, with possible automatic extensions; Key BEN holders sign support agreement.

## SEC filing metadata
- accession: 0001193125-23-230794
- form_type: 8-K
- ticker: BNAI
- cik: 0001838163
- company_name: Brand Engagement Network Inc.
- filed_at: 2023-09-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1838163/000119312523230794/0001193125-23-230794-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1838163/000119312523230794/d507211d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-230794
- JSON: https://secwatch.observer/filing/0001193125-23-230794.json
- Plain text: https://secwatch.observer/filing/0001193125-23-230794.txt

## Key facts
- Material Agreements
  Brand Engagement Network Inc. entered into Business Combination Agreement with DHC Acquisition Corp. valued at Business Combination Agreement entered into on September 7, 2023 among DHC Acquisition Corp., BEN Me (effective 2023-09-07).
  - Action: entry
  - Agreement: merger
  - Counterparty: DHC Acquisition Corp.
  - Value: Business Combination Agreement entered into on September 7, 2023 among DHC Acquisition Corp., BEN Me
  - Effective: 2023-09-07
  source text: On September 7, 2023, DHC Acquisition Corp., a Cayman Islands exempted company ("DHC"), BEN Merger Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of DHC ("Merger Sub"), and Brand Engagement Network Inc., a Wyoming corporation ("BEN"), and, solely with respect to Section 7.21 and Section 9.03 of the Business Combination Agreement (as defined below), DHC Sponsor LLC, a Delaware limited liability company (the "Sponsor"), entered into a business combination agreement and plan of reorganization (the "Business Combination Agreement"), pursuant to which Merger Sub will merge with and into BEN (the "Merger," and together with the other transactions related thereto, the "Transactions"), with BEN surviving the Merger as a direct wholly owned subsidiary of DHC.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1838163/000119312523230794/0001193125-23-230794-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.