Brand Engagement Network Inc. (NASDAQ:BNAI) shares cratered in Thursday’s extended trading session, dropping nearly 80% before recovering slightly.
What To Know: Brand Engagement Network stock had been on a hot streak, gaining more than 2,000% over the past month. The company’s website says that it provides enterprise AI solutions through “text, voice, and avatar-based experiences.”
Brand Engagement Network announced last week that it had formed a $2.05 million partnership with Nelson Mandela University in Africa.
The stock has been trading on heavy volume and high volatility. In fact, trading in Brand Engagement stock was halted on Wednesday as it moved violently to upside despite a lack of company-specific news.
Shares crashed Thursday afternoon in a similar fashion and without an obvious catalyst.
It is worth noting that Brand Engagement Network has a float of less than 5 million shares and outsized short interest, with 29.2% of shares being short sold, according to data from Benzinga Pro.
Brand Engagement stock has also been flagged, as recently as Wednesday, on Edwin Dorsey’s StopNasdaqChinaFraud.com website.
BNAI Price Action: Brand Engagement Network shares were down 44% at $29.40 after hours, after falling 16% in Thursday’s regular trading session, according to Benzinga Pro data.
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