JACKSON, Wyo. – Brand Engagement Network Inc. (NASDAQ:BNAI), a provider of conversational AI solutions, has announced Walid Khiari as its new Chief Financial Officer and Chief Operating Officer, effective November 18, 2024. The appointment marks a strategic move by the company to bolster its executive team as it aims to expand its global presence and enhance its financial operations.
Khiari, with a 20-year track record in finance and 15 years as a technology investment banker, has been chosen for his extensive experience in capital raising, mergers and acquisitions, and strategic planning. His previous roles at leading financial institutions like Merrill Lynch, Credit Suisse, Rothschild & Co, and Houlihan Lokey (NYSE:) have equipped him with a deep understanding of the technology sector, which BEN anticipates will be crucial for its next phase of growth.
An honors graduate from the University of Paris Pantheon-Sorbonne and an MBA holder from the Wharton School at the University of Pennsylvania, Khiari’s appointment is expected to harness his strategic insights and expansive network to strengthen BEN’s market leadership in conversational AI.
“I am honored to join BEN, a company at the forefront of AI and conversational technology,” Khiari stated, expressing his eagerness to contribute to the company’s growth and deliver value to customers and partners.
The outgoing CFO, Bill Williams, expressed confidence in Khiari’s ability to drive the company towards further success, citing his leadership and understanding of the global tech landscape.
Paul Chang, CEO of BEN, also expressed enthusiasm for Khiari’s joining, anticipating that his experience and approach will align with the company’s mission to redefine customer experiences through AI and advance strategic objectives.
Brand Engagement Network specializes in secure and reliable AI-powered solutions, including digital assistants and lifelike avatars, for enhancing customer experiences. The company, with offices in Jackson and Seoul, is committed to data sovereignty, ensuring privacy and ownership of consumer and business data.
The information for this article is based on a press release statement from Brand Engagement Network Inc.
In other recent news, Brand Engagement Network Inc. (BEN) announced several significant developments. The company’s Chief Financial Officer, Bill Williams, is set to resign effective December 1, 2024, with the search for a new CFO presumably underway. In addition, BEN has agreed to acquire Munich-based media technology firm Cataneo GmbH, a move aimed at enhancing its AI media solutions and expanding its global reach.
The company also secured $55.9 million in funding through a private placement and a Standby Equity Purchase Agreement with Yorkville Advisors, to support strategic growth and the scaling of its AI technology production. Furthermore, BEN has amended an agreement with investors, setting a minimum share issuance price of $5.00 until January 1, 2025.
In an effort to guide its strategy in the healthcare sector, BEN has welcomed Dr. Richard S. Isaacs, a renowned healthcare technology expert, to its Board of Directors. Lastly, BEN has partnered with Vybroo and Farmacia Roma to enhance customer experience and brand responsiveness by integrating its AI assistant technology with Vybroo’s radio and audio platforms. These are among the recent developments in the company’s operations.
InvestingPro Insights
As Brand Engagement Network Inc. (NASDAQ:BNAI) welcomes Walid Khiari to its executive team, investors should be aware of several key financial metrics and insights provided by InvestingPro.
Despite the company’s strategic move to strengthen its leadership, BNAI faces significant financial challenges. According to InvestingPro data, the company’s revenue for the last twelve months as of Q2 2023 stands at a mere $0.09 million, with an operating income of -$15.82 million. This stark contrast highlights the company’s struggle to generate revenue while managing substantial operational costs.
An InvestingPro Tip indicates that BNAI is “quickly burning through cash,” which aligns with the negative operating income and suggests that the new CFO/COO will need to address cash management as a priority. This tip is particularly relevant given the company’s ambitious plans for expansion and the need for strategic financial planning.
Another InvestingPro Tip notes that the stock “generally trades with high price volatility.” This volatility is evident in the recent price movements, with a significant 17.82% return over the last week, contrasted by a -46.83% return over the past three months. Such fluctuations underscore the importance of Khiari’s experience in capital markets as the company navigates its financial future.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for BNAI, providing a deeper understanding of the company’s financial position and market performance.
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