secwatch.observer — SEC 8-K summary
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Issuer:     Brand Engagement Network Inc. (BNAI)
CIK:        0001838163
Form:       8-K
Filed at:   2024-05-29T23:59:59+00:00
Accession:  0001493152-24-021730
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BEN raises $4.95M in private placement at $2.50/share; promotes Paul Chang to Co-CEO
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- Private placement of 1.98M shares and 3.96M warrants at $2.50/share for total $4.95M purchase price.
- Initial closing on May 30 for $500K; remaining funds due in monthly installments through Oct 2024.
- Paul Chang promoted to Co-CEO alongside existing CEO Michael Zacharski, effective May 28, 2024.
- If BEN fails to raise additional $3.25M by Oct 31, investors must exercise warrants for cash up to 1.3M warrants.
- Proceeds to support development of conversational AI assistants and execution of growth strategy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1838163/000149315224021730/0001493152-24-021730-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1838163/000149315224021730/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-021730

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer