Brand Engagement Network to acquire Cataneo GmbH for $19.5M

Brand Engagement Network (BNAI)announced a definitive agreement to acquire Cataneo GmbH, a Munich-based provider of mission-critical media and advertising infrastructure software. The transaction is valued at approximately $19.5M, with payment in a combination of cash and equity. BEN has already advanced $1.0M, and the company has secured capital commitments of $8M to fund the remaining cash consideration, $500K of which has funded via the sale of common stock at a price of $39.59 per share and warrants exercisable in one year for $39.59 per share of common stock and the remainder of which will fund prior to closing. Approximately $10.5M of the consideration will be delivered in BEN common stock, priced at the 20-day volume-weighted average price of $39.59 per share – which represents a premium to BEN’s recent trading levels. Cataneo co-founder Christian Unterseer will join BEN’s Board of Directors upon closing. By incorporating BEN’s proprietary AI, Cataneo and BEN are expected to bring conversational AI directly into live media systems. The transaction is expected to close on June 30, subject to customary closing conditions.