Brand Engagement Network Inc. ("BEN") (NASDAQ:BNAI), an emerging provider of personalized customer engagement AI, today announced it has closed a private placement with existing investors of its common stock and warrants to purchase common stock in the aggregate amount of $4.95 million, providing the Company with increased financial flexibility to continue the development of its human-like, business-safe conversational AI assistants. Concurrently, BEN announced that Paul Chang has been promoted to Co-CEO, bringing his unique perspective to the leadership team alongside Co-CEO Michael Zacharski.

"The moves we are announcing today represent a powerful vote of confidence in our strategy from our Board, executive team, and our existing investors," said the Chairman of BEN's Board of Directors, Chris Gaertner. "This investment will allow BEN to continue to fund its business plan as it seeks to execute on its growth and revenue strategies."

The investment, which was backed by a group of existing BEN shareholders, includes a combination of stock and warrants to purchase common stock and was priced at $2.50 per share, materially above the current trading price of the Company's common stock. Certain members of the investor group have also agreed to provide the Company with additional capital through the exercise of their warrants if the Company is unable to raise an additional $3.25 million by October 31, bringing the total investment to $8.25 million.