Personalization Firm BEN to Go Public via SPAC Merger

Personalized customer engagement AI tech provider BEN has agreed to go public through a merger with a special-purpose acquisition company (SPAC), named DHC. The deal will provide BEN with $40m in gross proceeds, and will see the combined company being listed on Nasdaq under the symbol 'BNAI'.

Jackson, WY-based BEN (brand engagement network) provides conversational AI technology and 'human-like' AI avatars to deliver personalized, multi-modal (text, voice and vision) engagement. Powered by a proprietary large language model, the firm's portfolio of conversational AI applications are designed to drive better customer experience, increased automation and operational efficiencies.

The transaction values BEN at a pro-forma enterprise value of $358m and a pro forma equity value of approximately $398m. The firm says it expects the deal to give it access to new sources of capital, to support M&A opportunities, and to fund growth initiatives.

CEO Michael Zacharski (pictured) comments: 'The announcement today to agree to go public via this combination with DHC represents a remarkable milestone in BEN's journey. We expect this transaction, in partnership with the remarkable team at DHC, to propel our efforts globally and open a pathway for public investors to participate in our important work'.

Web sites: www.beninc.ai .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.