AI engagement company BEN to go public via merger with DHC Acquisition Corp

BEN, a provider of personalized customer engagement AI technology, has announced a definitive agreement for a business combination with DHC Acquisition Corp, a Nasdaq-listed special purpose acquisition company. The transaction values BEN at a pre-money equity of $250 million. The combined company plans to be listed on Nasdaq under the symbol “BNAI” and aims to accelerate growth and expand its core solution portfolio.

Transaction Details and Financials

The deal also anticipates that BEN will have $40 million in pro forma cash on its balance sheet. This comprises $7 million in new financing proceeds, $49 million in existing cash as of June 30, 2023, and $15 million in transaction fees. Existing BEN shareholders are expected to hold approximately 63% of the fully diluted shares of the new entity. The transaction has already gained approval from the Boards of Directors of both companies and now awaits other customary closing conditions, including stockholder and regulatory approvals.

Leadership Remarks on the Collaboration

Michael Zacharski, CEO of BEN, expressed enthusiasm about the deal, stating, “The announcement today to agree to go public via this combination with DHC represents a remarkable milestone in BEN’s journey.” Chris Gaertner, Co-CEO & CFO of DHC, also affirmed, “The impressive leadership team at BEN has deep expertise in AI, a track record of scaling disruptive technologies and is well-positioned for sustained growth.”

BEN’s Cutting-Edge AI Platform

BEN’s advanced AI technology focuses on providing an engaging, human-like customer experience. Its interfaces embed advanced security features and are trained with pre-ingested corporate and customer data. BEN aims to serve industries with significant workforce gaps, such as automotive, healthcare, and customer service, helping them dramatically improve customer interactions and operational efficiency.

Implications for Future Growth

The proposed business combination is not just a ticket to the public market but is also expected to open doors for new sources of capital, speed up M&A opportunities, and fund growth initiatives for BEN. Both companies believe this partnership will pave the way for product development and potential acquisitions, scaling production and accelerating go-to-market strategies.