JACKSON, Wyo., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Brand Engagement Network Inc. ("BEN" or the "Company") (NASDAQ:BNAI), a global leader in secure and reliable conversational AI solutions, today announced that Paul Chang, CEO, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6th, 2025. DATE: February 6thTIME: 2:00 PM ETLINK: https://bit.ly/42JmFaPAvailable for 1x1 meetings: February 6th and 7th This will be a live, interactive online e ...

Termination of Agreement and Legal Action - Brand Engagement Network Inc (BEN) terminated its Exclusive Reseller Agreement with AFG Companies Inc (AFG) and filed a lawsuit against AFG and its CEO, alleging fraudulent misrepresentation, breach of contract, and concealment of a ransomware attack [1] - The Agreement, signed in August 2023, aimed to expedite BEN's entry into the automotive market but was hindered by AFG's failure to provide access to the agreed-upon operational-ready data platform [2] - BEN believes AFG's actions caused significant delays in key automotive initiatives and irreparably damaged trust in the partnership [2] Impact on Automotive Initiatives - The termination of the Agreement was deemed essential to protect BEN's strategy and focus on delivering impactful AI solutions to the automotive industry [3] - BEN's systems, data, and customers were not impacted by the ransomware attack, as it occurred before any integration with AFG [3] Automotive AI Agent Rollout - BEN is finalizing preparations to launch its Automotive AI Agent, which integrates with major automotive data and service platform providers and supports over 13,000 dealerships nationwide [4] - The AI Agent aims to streamline dealership operations by improving lead conversion, automating scheduling, enhancing service efficiency, and providing advanced analytics [4] - BEN plans to expand its efforts through pilot programs in the Midwest, stronger reseller partnerships in Mexico, and collaborations with Canadian dealership groups [4] Expansion of AI Healthcare Solutions - BEN continues to expand its AI healthcare solutions, which transform patient engagement and streamline communications while adhering to key regulations such as HIPAA, GDPR, SOC 2 Type 1, and CCPA [5] - These solutions prioritize robust data security and reduce administrative burdens, enabling healthcare providers to focus on delivering high-quality care [5] Commitment to Trust and Partnerships - BEN emphasizes the importance of data security and trust in the automotive industry, particularly in light of the termination of the Agreement with AFG [6] - The company's decisive action strengthens its ability to prioritize initiatives that benefit its automotive partners [6] Company Overview - Brand Engagement Network Inc (BEN) is a global leader in AI-powered customer engagement solutions, headquartered in Jackson, Wyoming, with offices in Seoul, South Korea [6] - BEN delivers advanced technology to enhance data utilization, improve interactions, and drive operational efficiency across industries such as automotive, healthcare, and customer service [6] - The company provides a secure, scalable AI platform through SaaS, Private Cloud, and On-Premises technology, ensuring data privacy and security while enabling efficient operations [6]

JACKSON, Wyo., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Brand Engagement Network, Inc. (NASDAQ:BNAI) ("BEN" or the "Company"), a global provider of conversational AI solutions, and Cataneo GmbH ("Cataneo"), a Munich-based media technology company, today announced a collaborative pilot program with Vybroo and Grupo Siete aimed at modernizing Mexico's radio advertising landscape. "Radio continues to be one of Mexico's most impactful media platforms. Through this collaboration, we are deploying AI-driven tools to del ...

Equity Issuance and Financing - The company raised $5.925 million through a private placement by issuing 1.185 million shares of common stock at $5.00 per share[146] - The company entered into a Standby Equity Purchase Agreement with Yorkville, allowing it to sell up to $50 million of common stock over a 36-month period[152] - The company issued 120,000 shares of common stock and 240,000 warrants to The Williams Family Trust for $0.3 million[158] - The company issued 1,980,000 shares of Common Stock and 3,960,000 warrants for aggregate gross proceeds of approximately $5.0 million in a private placement on May 28, 2024[160] - As of November 13, 2024, the company issued 1,594,500 shares of Common Stock for aggregate gross proceeds of $3,986,250, resulting in the issuance of 797,250 May One-Year Warrants and 797,250 May Five-Year Warrants[160] - The company entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville, allowing the sale of up to $50.0 million of Common Stock, with shares issued at 96% or 97% of the Market Price depending on the pricing period[192] - On August 26, 2024, the company entered into the August SPA, issuing 1,185,000 shares of Common Stock at $5.00 per share for an aggregate purchase price of $5.9 million[195] - As of November 13, 2024, a total of 220,000 shares of Common Stock have been issued to the August Purchasers for gross proceeds of $0.55 million, with delays in funding from certain investors amounting to $1.25 million[198] - On August 26, 2024, the company issued an aggregate of 960,000 warrants with an exercise price of $5.00 per share and a five-year expiration period[199] - On July 1, 2024, the company entered into the July SPA, issuing 120,000 shares of Common Stock and 240,000 July Warrants for an aggregate purchase price of $0.3 million[201] - On May 28, 2024, the company entered into the May SPA, issuing 1,980,000 shares of Common Stock and 3,960,000 May Warrants for aggregate gross proceeds of approximately $5.0 million[203] - As of November 13, 2024, a total of 1,594,500 shares of Common Stock have been issued to the May Purchasers for aggregate gross proceeds of $3,986,250, with delays in funding from certain investors amounting to $963,750[206] - Cash provided by financing activities for the nine months ended September 30, 2024, was approximately $10.3 million, primarily from the sale of Common Stock and exercise of options and warrants[219] Debt and Convertible Instruments - The company issued a $1.7 million promissory note to Yorkville, maturing on March 11, 2025, with a potential interest rate increase to 18% upon default[153] - The company converted $0.4 million of outstanding fees into 151,261 shares of common stock at $2.38 per share through a Fee Conversion Agreement[154] - The company converted $0.4 million of debt into 93,333 shares of common stock at $4.50 per share through a Debt Conversion Agreement[159] - The company issued a $1.9 million convertible promissory note on April 12, 2024, with an 8% annual interest rate starting October 14, 2024[161] - As of September 30, 2024, the company had four outstanding bank loans totaling approximately $0.9 million, with interest rates ranging from 4.667% to 6.69%[212] Acquisitions and Investments - The company acquired Cataneo GmbH for a total purchase price of $19.5 million, consisting of $9 million in cash and 4.2 million shares of common stock at $2.50 per share[141] - The company agreed to pay a cash purchase price of $9.0 million at the closing of the Cataneo Acquisition, with potential additional cash payments for equity consideration[214] - Cash used in investing activities for the nine months ended September 30, 2024, was approximately $0.2 million, primarily for capitalized internal-use software costs[218] Financial Performance and Expenses - The company reported $0.1 million in revenue for the three months ended September 30, 2024, compared to no revenue for the same period in 2023[174] - General and administrative expenses increased by $1.9 million to $4.2 million for the three months ended September 30, 2024, primarily due to professional fees and employee-related costs[175] - Depreciation and amortization expenses increased by $0.8 million to $1.0 million for the three months ended September 30, 2024, due to amortization of developed technology[176] - Research and development expenses increased by $0.1 million to $0.2 million for the three months ended September 30, 2024, due to increased headcount from the acquisition of DM Lab[177] - The company reported a net loss of $5.8 million for the three months ended September 30, 2024, compared to a net loss of $2.6 million for the same period in 2023[173] - General and administrative expenses increased by $8.3 million to $16.0 million for the nine months ended September 30, 2024, primarily due to professional fees and employee-related costs[181] - The company reported a net loss of $15.8 million for the nine months ended September 30, 2024, compared to a net loss of $8.3 million for the same period in 2023[182] - Gain on debt extinguishment for the nine months ended September 30, 2024 was approximately $1.9 million, related to settlement of accounts payable and accrued expenses through the issuance of 93,333 and 151,261 shares of Common Stock and negotiated cash settlement[187] - Change in fair value of warrant liabilities for the nine months ended September 30, 2024 was approximately $0.8 million, associated with non-cash charge for changes in the fair value of warrant liabilities[188] - Cash used in operating activities for the nine months ended September 30, 2024, was approximately $11.7 million, primarily due to a net loss of $15.8 million[216] Liquidity and Capital Resources - As of September 30, 2024, the company's principal source of liquidity was cash of approximately $0.1 million, with an accumulated deficit of approximately $29.1 million[189] - The company does not expect to rely on cash proceeds from Warrant exercises for funding operations, as it plans to seek additional funds through debt or equity issuance[210] - The company has no off-balance sheet financing arrangements as of September 30, 2024[224] Research and Development - The company entered into a research and development sponsorship agreement with Korea University for up to 528.0 million Korean won (approximately $0.4 million) from January 2024 through December 2024[213] - The company paid $211.2 million Korean won (approximately $0.2 million) under the Korea University agreement as of September 30, 2024, with $316.8 million Korean won (approximately $0.2 million) remaining[213] Executive Compensation and Separation - The company's former Co-CEO, Michael Zacharski, received $0.3 million in separation and bonus payments upon his resignation[155] Regulatory and Legal Status - The company is classified as an "emerging growth company" under the JOBS Act, allowing delayed adoption of new accounting standards[225]

Exhibit 99.1 BEN Reports Third Quarter 2024 Financial Results JACKSON, Wyo., Nov. 14, 2024 – Brand Engagement Network Inc. ("BEN") (Nasdaq: BNAI), a global leader in secure and reliable conversational AI solutions, today announced its financial results and key business highlights for the third quarter ended September 30, 2024. "In the third quarter, we made significant progress in delivering secure, scalable AI solutions and advancing our mission to transform industries with intelligent technology," said Pa ...

Exhibit 99.1 BEN Reports Second Quarter 2024 Financial Results JACKSON, WY – August 14, 2024 – Brand Engagement Network Inc. ("BEN") (Nasdaq: BNAI), an emerging provider of safe and secure customer engagement AI, today announced its financial results and key business highlights for the second quarter ended June 30, 2024. "In the second quarter, we made continued progress on market validation initiatives, with meaningful acceleration in new proof of concepts" said Paul Chang, Co-CEO of BEN. "Looking to the s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-40130 _________________________ Bra ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-40130 _________________________ Br ...

Exhibit 99.1 BEN Reports First Quarter 2024 Financial Results JACKSON, WY – May 14, 2024 – Brand Engagement Network Inc. ("BEN") (Nasdaq: BNAI), an emerging provider of personalized customer engagement AI, today announced its financial results and key business highlights for the first quarter ended March 31, 2024. "We are excited to announce our first set of results as a public company following our Nasdaq listing in March." said Michael Zacharski, CEO of BEN. "We are making solid progress on our key strate ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) Delaware 001-40130 98-1574798 (State or other jurisdiction of inc ...