After the deal closes, the combined company will be named BEN and will be listed on the Nasdaq under the ticker "BNAI". DHC Acquisition Corp, which raised $309 million through its initial public offering in 2021, cut the size of its offering to $47 million earlier this year after securing an extension of its life from shareholders. Cohen & Company Capital Markets was the financial adviser on the deal.
Key takeaways:
- Artificial intelligence startup Brand Engagement Network (BEN) has agreed to go public through a merger with DHC Acquisition Corp, a blank check acquisition company, in a deal valuing the combined company at $358 million.
- The deal will provide BEN with about $40 million in gross proceeds and the combined company will be named BEN and listed on the Nasdaq under the ticker "BNAI".
- DHC Acquisition Corp, a special purpose acquisition company (SPAC), had previously raised $309 million through its initial public offering in 2021 and cut the size of its offering to $47 million earlier this year.
- Brand Engagement Network is a provider of AI-powered chatbots and conversational AI technology to various industries, including automotive, healthcare, and customer service, offering services like data leakage prevention and identity verification.