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Brand Engagement Network Inc. (NASDAQ:BNAI), a micro-cap company with a market value of $15.13 million, announced Monday that its Board of Directors has appointed Janine Grasso as Interim Chief Executive Officer, effective immediately. Grasso succeeds Paul Chang in the role amid challenging times for the company, which has seen its stock decline over 90% in the past year. She will continue to serve on the company’s Board of Directors, where she has been a member since February 2024 and chaired the Compensation Committee.
According to the company’s statement in a SEC filing, Grasso has over 20 years of experience in technology leadership roles. She is currently Head of the Global Partner Ecosystem at DocuSign (NASDAQ:DOCU), a position she has held since 2023. Prior to that, Grasso served as Vice President of Business Development at Verizon (NYSE:VZ) from 2019 to 2023 and spent two decades at IBM (NYSE:IBM), most recently as Vice President of Blockchain Ecosystem. Grasso holds a B.B.A. from the Pace University Lubin School of Business.
The company stated there are no arrangements or understandings with other persons regarding her appointment, nor are there family relationships or related party transactions requiring disclosure. Grasso has agreed to compensation terms in connection with her appointment, and the company expects to file an amendment disclosing the material terms once the agreement is finalized.
In addition to the leadership change, Brand Engagement Network reported a reduction of its total liabilities by $4.25 million in the second quarter. According to InvestingPro data, the company faces significant financial challenges with a current ratio of 0.13, indicating short-term obligations exceed liquid assets. The company’s EBITDA stands at -$28.88 million for the last twelve months, reflecting operational difficulties.
This information is based on a statement made in a SEC filing by Brand Engagement Network Inc. With the company’s next earnings report expected on August 14, 2025, investors can access comprehensive analysis and 13 additional key insights through InvestingPro’s detailed research reports, which provide deep-dive analysis of the company’s financial health and future prospects.
In other recent news, Brand Engagement Network announced that it has been granted a 180-day extension by Nasdaq to regain compliance with the minimum bid price requirement, with a deadline set for December 29, 2025. The company must ensure its stock closes at or above $1.00 per share for at least 10 consecutive business days. In its Q2 2025 earnings call, Brand Engagement Network highlighted significant cost management efforts, including a nearly 50% reduction in general and administrative expenses compared to the previous year. The company secured a $3.5 million line of credit from Core Capital Partners (WA:CPAP) to bolster financial flexibility. Despite these measures, the transition from pilot projects to substantial revenue-generating contracts remains a challenge. Additionally, Brand Engagement Network has set July 22, 2025, for its virtual annual shareholder meeting, where the election of directors and other business matters will be discussed. The company is also preparing for the acquisition of Catanelle, aiming to enhance its position in the media technology sector. Analysts from Maxim Group LLC have expressed interest in the company’s collaborations in the healthcare and automotive sectors, indicating potential future production contracts.
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