Brand Engagement Network Inc. (BNAIW) announced the termination of its Exclusive Reseller Agreement with AFG Companies, Inc. This decision marks a significant strategic shift in BNAIW's approach to its automotive initiatives.
Concurrently with the termination, BNAIW filed a lawsuit in the Northern District of Texas, Dallas Division, against AFG and its CEO, Ralph Wright Brewer III. The lawsuit alleges fraudulent misrepresentation, breach of contract, and concealment.
The termination of this agreement and the ensuing litigation introduce significant uncertainty, particularly regarding AFG's obligations under a separate Subscription Agreement which had outlined potential future share purchases totaling $26.00 million. This removes a potentially significant source of future funding for BNAIW.
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