secwatch.observer — SEC 8-K summary
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Issuer:     Brand Engagement Network Inc. (BNAI)
CIK:        0001838163
Form:       8-K
Filed at:   2024-08-26T23:59:59+00:00
Accession:  0001493152-24-033811
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BEN raises $5.925M in private placement at $5.00/share, secures $50M SEPA with Yorkville
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- Private placement of 1,185,000 shares at $5.00/share for $5.925M aggregate; monthly installments through April 2025.
- Existing investors receive additional shares from stockholders; transferring holders get 960,000 warrants at $5.00/share, 5-year term.
- SEPA with Yorkville: up to $50M over 3 years; shares sold at 96–97% of VWAP; requires SEC registration.
- Dr. Richard Isaacs appointed as Class I director effective upon initial closing of private placement.
- Lockup released on 1,252,500 shares for certain transferring stockholders in exchange for shares assigned to investors.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1838163/000149315224033811/0001493152-24-033811-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1838163/000149315224033811/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-033811

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