10:36 AM EDT, 08/26/2024 (MT Newswires) -- Brand Engagement Network ( BNAI ) said Monday it has closed a $5.9 million private placement and signed a $50 million standby equity purchase agreement with Yorkville Advisors to support the company's growth, market expansion and artificial intelligence production scaling.

Under the private placement, certain shareholders agreed to buy roughly 1.19 million shares at $5 apiece. The investors received an additional share from existing shareholders for each share purchased and certain transferring shareholders were issued 960,000 warrants to buy shares at the same price, the company said.

The shares will be bought monthly through April 5, 2025, the company added.

Additionally, the standby equity purchase agreement enables Yorkville Advisors to buy up to $50 million of Brand Engagement shares over three years and provides the company the capital it needs to support its growth, Brand Engagement said.

Shares of the company were up 4.5% in recent Monday trading.

Price: 1.86, Change: +0.08, Percent Change: +4.49