Brand Engagement Network (BEN) and DHC Acquisition announced a definitive business combination agreement at a at a pro-forma enterprise value of $358 million.
The target is a provider of personalized customer engagement AI technology and human-like AI avatars.
If approved, post-merger BEN would list on the Nasdaq under the symbol BNAI.
The deal implies a pre-money equity value of $250 million for BEN. Upon closing and assuming no redemptions, BEN is estimated to have $40 million in pro forma cash, consisting of $7 million in anticipated new financing proceeds and $49 million in existing cash (as of June 30), less $15 million in transaction fees. Existing BEN shareholders are expected to roll 100% of their equity, and will own about 63% of the fully diluted shares of the combined company. Read more.
