Prospectus
Supplement No. 16
(to
Prospectus dated April 25, 2024) |
|
Filed
Pursuant to Rule 424(b)(3)
Registration
No. 333-278673 |
Prospectus
Supplement No. 12
(to
Prospectus dated August 13, 2024) |
|
Registration
No. 333-280366
Registration
No. 333-282132 |
Prospectus
Supplement No. 8
(to
Prospectus dated September 25, 2024) |
|
Registration
No. 333-282130 |
Prospectus
Supplement No. 8
(to
Prospectus dated September 25, 2024) |
|
|
BRAND
ENGAGEMENT NETWORK INC.
46,752,838
Shares of Common Stock (Inclusive of 21,190,316 Shares of Common Stock
Underlying
Warrants, 1,583,334 Shares of Common Stock Underlying Convertible Notes and 163,407 Shares of Common Stock Underlying Options)
6,126,010
Warrants to Purchase Common Stock
6,393,333
Shares of Common Stock (Inclusive of 4,200,000 Shares of Common Stock
Underlying
Warrants)
28,370,786
Shares of Common Stock
3,598,943
Shares of Common Stock (Inclusive of 960,000 Shares of Common Stock
Underlying
Warrants)
This
prospectus supplement updates and supplements (i) the prospectus of Brand Engagement Network Inc., a Delaware corporation (the “Company,”
“we,” “us” or “our”), dated April 25, 2024, which forms a part of our Registration Statement on Form
S-1, as amended (Registration No. 333-278673) (the “April Prospectus”), (ii) the prospectus dated August 13, 2024, which
forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-280366) (the “August Prospectus”),
(iii) the prospectus dated September 25, 2024, which forms a part of our Registration Statement on Form S-1 (Registration No. 333-282132)
(the “SEPA Prospectus”) and (iv) the prospectus dated September 25, 2024, which forms a part of our Registration Statement
on Form S-1 (Registration No. 333-282130) (the “September Prospectus”, together with the April Prospectus, the August Prospectus
and the SEPA Prospectus, the “Prospectuses”). This prospectus supplement is being filed to update and supplement the information
in the Prospectuses with the information contained in our Current Report on Form 8-K, filed with the Securities and Exchange Commission
(the “SEC”) on January 17, 2025. Accordingly, we have attached the Form 8-K to this prospectus supplement.
This
prospectus supplement should be read in conjunction with the Prospectuses. This prospectus supplement updates and supplements the information
in the Prospectuses. If there is any inconsistency between the information in the Prospectuses and this prospectus supplement, you should
rely on the information in this prospectus supplement.
Our
common stock, par value $0.0001 per share (the “Common Stock”) and the public warrants representing the right to acquire
one share of Common Stock for $11.50 (the “Public Warrants”), are listed on Nasdaq under the symbols “BNAI,”
and “BNAIW,” respectively. On January 16, 2025, the last reported sales price of the Common Stock was $0.6006 per share,
and the last reported sales price of our Public Warrants was $0.0501 per Public Warrant. We are an “emerging growth company”
and a “smaller reporting company” as defined under the U.S. federal securities laws and, as such, may elect to comply with
certain reduced public company reporting requirements for this and future filings.
Investing
in our securities involves risk. See “Risk Factors” beginning on page 6 of the April Prospectus, page 7 of the August Prospectus,
page 9 of the SEPA Prospectus and page 8 of the September Prospectus to read about factors you should consider before investing in shares
of our Common Stock and Public Warrants.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus supplement is January 17, 2025
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 17, 2025
BRAND
ENGAGEMENT NETWORK INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-40130 |
|
98-1574798 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
145
E. Snow King Ave
PO
Box 1045
Jackson,
WY 83001
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (307) 757-3650
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, par value $0.0001 per share |
|
BNAI |
|
The
Nasdaq Stock Market LLC |
| Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
BNAIW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
1.02 |
Termination
of a Material Definitive Agreement. |
On
January 17, 2025, Brand Engagement Network Inc., a Delaware corporation (the “Company”), delivered a notice of termination
(“Notice”) to AFG Companies, Inc. (“AFG”) terminating the Exclusive Reseller Agreement, dated August
19, 2023, as amended, by and between the Company and AFG (the “Reseller Agreement”). The Notice only applies to the Reseller
Agreement and does not affect AFG’s obligations under the Subscription Agreement, dated September 7, 2023, by and between the Company
and AFG (the “Subscription Agreement”); however, in light of the Notice and the AFG Lawsuit (as defined below), the Company
is uncertain whether AFG will fulfill its obligations under the Subscription Agreement.
| Item
7.01 |
Regulation
FD Disclosure. |
On
January 17, 2025, the Company issued a press release announcing the termination of the Reseller Agreement and the filing of the AFG Lawsuit.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The
information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities under that section. Further, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1,
shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or
the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filing.
On
January 16, 2025, the Company filed a lawsuit against AFG and its Chief Executive Officer, Ralph Wright Brewer III, in the Northern District
of Texas, Dallas Division alleging fraudulent misrepresentation, breach of contract, and the concealment of a ransomware attach on its
own network shortly before the Reseller Agreement was executed (the “AFG Lawsuit”).
The
Company remains committed to, and intends to continue developing, its automotive vertical. The Company intends to utilize additional
channel partners and grow its sales team to further expand its customer base and drive revenues. The Company is finalizing preparations
to launch its Automotive AI Agent, a solution that integrates with major automotive data and service platform providers and supports
over 13,000 dealerships nationwide. Additionally, the Company plans to expand its efforts through pilot programs in the Midwest, stronger
reseller partnerships in Mexico, and collaborations with Canadian dealership groups. Recently, the Company has secured automotive pilots
using its AI agent, which the Company believes will improve lead conversions, automates scheduling tools, enhances service efficiency,
and enables advanced analytics to streamline operations.
Forward-Looking
Statements
Certain
disclosures in this report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect, among other things, the Company’s current expectations, assumptions, plans, strategies,
and anticipated results, including the ultimate outcome of the AFG Lawsuit, the termination of the Reseller Agreement and the Company’s
automotive vertical. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,”
“continue,” “could,” “estimate,” “expect,” “forecast,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “should,” “will,”
“future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this
report. Forward-looking statements reflect the Company’s current expectations regarding future events, results or outcomes. These
expectations may or may not be realized. Although the Company believes the expectations reflected in the forward-looking statements are
reasonable, the Company can give you no assurance these expectations will prove to have been correct. Some of these expectations may
be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from
the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors.
Although
it is not possible to identify all of these risks and factors, they include, among others, (i) uncertainties as to the timing of the
AFG Lawsuit; (ii) the risk that the AFG Lawsuit may not be successful; (iii) the failure to replace the Reseller Agreement with alternative
arrangements on acceptable terms or at all; (iv) the effect of the announcement or pendency of the AFG Lawsuit and the termination of
the Reseller Agreement on the Company’s ability to retain and hire key personnel and raise additional sources of capital, its ability
to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business
generally; (v) the effect of the AFG Lawsuit and the termination of the Reseller Agreement on the Company’s automotive vertical;
and (vi) risks related to diverting management’s attention from the Company’s business as a result of the AFG Lawsuit. Additional
information concerning these and other factors can be found under the caption “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC and in the Company’s Quarterly Reports on Form
10-Q. Any one of these factors or a combination of these factors could materially affect the Company’s financial condition or future
results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate.
The Company’s forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them.
All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future events or otherwise.
Item
9.01 Exhibits and Financial Statements.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
| |
BRAND
ENGAGEMENT NETWORK INC. |
| |
|
| |
By: |
/s/
Paul Chang |
| |
Name: |
Paul
Chang |
| |
Title: |
Chief
Executive Officer |
| |
|
| |
Dated:
January 17, 2025 |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
BEN
Ends Exclusive Reseller Relationship with AFG, Advances Automotive Initiatives
Jackson,
Wyo. – January 17, 2025 – Brand Engagement Network Inc. (“BEN”)
(NASDAQ: BNAI), an innovator in AI-powered customer engagement solutions, today announced the termination of its Exclusive Reseller Agreement
(the “Agreement”) with AFG
Companies, Inc. (“AFG”) and
the filing of a lawsuit in the Northern District of Texas, Dallas Division, against AFG and its CEO, Ralph Wright Brewer III. The lawsuit
alleges fraudulent misrepresentation, breach of contract, and the concealment of a ransomware attack on their network shortly before
the agreement was executed.
The
Agreement, signed in August 2023, was intended to expedite BEN’s entry into the automotive market. However, AFG’s failure
to provide access to the agreed-upon operational-ready data platform hindered BEN’s ability to deliver its AI solutions to dealerships.
BEN believes these issues caused significant delays in key automotive initiatives and irreparably damaged trust in the partnership.
“We
believe AFG’s actions significantly disrupted our efforts to modernize dealership operations,” said Paul Chang, Chief Executive
Officer of BEN. “Terminating the Agreement was essential to protect our strategy and enable us to focus on delivering impactful
AI solutions to the automotive industry.”
“The
ransomware attack occurred before we would have integrated any of our systems with AFG, and at no point were BEN’s systems, data,
or customers ever impacted,” Chang added.
BEN
Prepares for 2025 Automotive AI Agent Rollout
BEN
is finalizing preparations to launch its Automotive AI Agent, a solution that integrates with major automotive data and service platform
providers and supports over 13,000 dealerships nationwide. This initiative highlights BEN’s strong commitment to the automotive
sector. The AI Agent streamlines dealership operations by improving lead conversion, automating scheduling, enhancing service efficiency,
and providing advanced analytics. Additionally, BEN plans to expand its efforts through pilot programs in the Midwest, stronger reseller
partnerships in Mexico, and collaborations with Canadian dealership groups. These initiatives showcase BEN’s dedication to delivering
innovative, safe, scalable, and data-driven solutions to meet the evolving needs of automotive dealerships.
AI
Healthcare Solutions for Patient Engagement Continues to Expand
BEN
continues to expand its AI healthcare solutions to transform patient engagement and streamline communications. These solutions adhere
to key regulations, including HIPAA, GDPR, SOC 2 Type 1, and CCPA, ensuring the protection of PII and PHI. By prioritizing robust data
security and reducing administrative burdens, BEN empowers healthcare providers to focus on delivering high-quality care.
BEN Prioritizes Trust and Automotive Partnerships
“We
understand the importance of data security and trust in the automotive industry, in particular. The termination of this Agreement underscores
our zero tolerance for actions that undermine trust,” said Walid Khiari, Chief Financial Officer and Chief Operating Officer of
BEN. “This decisive step strengthens our ability to prioritize initiatives that benefit our automotive partners.”
About
BEN
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, BEN delivers advanced technology to enhance data utilization, improve interactions, and drive operational
efficiency. BEN provides a secure, scalable AI platform that empowers businesses to build trust and achieve impactful results. Serving
industries such as automotive, healthcare, and customer service, BEN uses AI-powered digital agents and advanced tools to streamline
operations and enhance experiences. Its validated data is delivered through SaaS, Private Cloud, and On-Premises technology, ensuring
data privacy and security while enabling efficient operations.
For
more information, please visit www.beninc.ai.
Forward-Looking
Statements
Certain
statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are
made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results, including the
ultimate outcome of BEN’s lawsuit against AFG (the “AFG Lawsuit”) and the termination of the Agreement. Because forward-looking
statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially
from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances
of future performance.
There
are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed
or implied by these forward-looking statements, including but not limited to: (i) uncertainties as to the timing of the AFG Lawsuit;
(ii) the risk that the AFG Lawsuit may not be successful; (iii) the failure to replace the Agreement with alternative arrangements on
acceptable terms or at all; (iv) the effect of the announcement or pendency of the AFG Lawsuit and the termination of the Agreement on
BEN’s ability to retain and hire key personnel and raise additional sources of capital, its ability to maintain relationships with
its customers, suppliers and others with whom it does business, or its operating results and business generally; (v) risks related to
diverting management’s attention from BEN’s business as a result of the AFG Lawsuit; and (vi) (A) the risk factors described
in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and (B) the other risk
factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”).
Filings with the SEC are available on the SEC’s website at http://www.sec.gov.
Many
of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions
on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,”
“might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to
the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear
throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the
information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation
to update or revise publicly any forward-looking statements.
Media
Contact
Amy
Rouyer
P:
503-367-7596
E:
amy@beninc.ai
Investor
Relations
Susan Xu
P: 778-323-0959
E: sxu@allianceadvisors.com
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