Brn - brainchip holdings

[moka]

Quarterly report out on 29 April - Receipts from customers of $90K did not impress the market.
Closed at 28.5c, down 0.5c today on 3.75m shares. SP dropped back below 30c from 30.5c when the Quarterly report came out on 29th April. It was 28.5c on 15 Feb, and had been above 30c since then.

https://stocknessmonster.com/announcements/brn.asx-2A1519749/

BrainChip Holdings Ltd Appendix 4C & Quarterly Activities Report for the Period Ended 31 March 2024
• The Company ended the March Quarter with US$13.0M in cash compared to US$14.3M in the prior quarter.
• Net operating cash outflows of US$4.4M vs.US$3.3M in the prior quarter.
• Cash inflow from customers in the current quarter of US$0.09M was significantly lower than the prior quarter (US$0.78M)
• Cash inflows from financing activities included $2.5M (A$3.8M) received upon the completion of the capital call notice that was issued to LDA Capital in December 2023, and resulting in the sale of 23.7M shares. BrainChip also received $0.54M resulting from the exercise of Long-Term Incentive Plan (“LTIP”) stock options by participants.

https://stocknessmonster.com/announc...asx-2A1519756/
Top 50 Holders Report

[percy]

https://smallcaps.us14.list-manage.c...f&e=6c1ad5cc63

[moka]

Brainchip AGM today. Closed at 25.5c on 13m. Shorts 3.59%, 66.7m

https://stocknessmonster.com/announc...asx-2A1524370/
BrainChip – Results of Annual General Meeting held on 21 May 2024

https://stocknessmonster.com/announc...asx-2A1524324/
BrainChip – Annual General Meeting CEO and Chairman’s Address

CEO - Let me acknowledge right up front that our revenue numbers are not there yet. The evaluation and design cycle are longer, deeper, and more complex than we anticipated as customers plan their strategic roadmaps. However, after hearing my prepared remarks, hopefully you too will share my conviction that we are a much stronger and a better positioned company and share my optimism in our near-term and long-term success.

First and foremost, I know we need to close license sales. We have several engagements that have been in evaluation for over 1 year that are near closing in on a decision. These engagements are with leading companies in audio, IOT, and microcontroller segments. I have personally spent extensive time with C level executives in these accounts, an investment in timeand resources that would not have occurred if they did not consider BrainChip a potential strategic partner. We now have the product, the ability to excel in detailed evaluations, the team and deal structure to win strategic and lucrative deals.

[Valuegrowth]

https://www.fool.com.au/2024/05/21/w...after-its-agm/

[moka]

At the AGM 52.57% of shareholders voted against Adoption of Remuneration Report.
· Remuneration Report did not pass and company receives first strike

The two-strike rule. This rule gives shareholders the power to spill the board if they are not happy with the remuneration report. That is, ELIGIBLE shareholders have the power to ‘fire’ or relieve directors of their board positions.

https://cdn-api.markitdigital.com/ap...df02a206a39ff4
BrainChip – Results of Annual General Meeting held on 23 May 2023

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02668759-2A1450729?access_token=83ff96335c2d45a094df02a206a 39ff4

BrainChip Responds to AGM Remuneration Report Resolution Results
• Remuneration Report did not pass and company receives first strike

https://www.youtube.com/watch?v=KLdT9VqYQxQ

CPA Two-Strike Rule - The Australian Corporations Act was amended in 2011 to give shareholders some power over executive remuneration. This is done in terms of the two-strike rule. This rule gives shareholders the power to spill the board if they are not happy with the remuneration report. That is, ELIGIBLE shareholders have the power to ‘fire’ or relieve directors of their board positions.

https://www.asx.com.au/documents/res...wo-strikes.pdf

Last AGM shareholders voted against Adoption of Remuneration Report and company received the first strike.
This AGM the Adoption of Remuneration Report was Carried so there was no second strike.

Voted for 281,798,976 66.59%
Voted against 141,383,726 33.41%
Abstained 87,536,752
Proxies for 233,633,912 Proxies against 140,962,730 Proxies abstained 83,207,536

[moka]

Closed at 22c today, on 40m shares. Volume much larger than the usual 3m - 10m because of triple witching rebalancing on 3rd Friday of June, Sept, Dec and March.

BrainChip (ASX:BRN): Post AGM interview with CEO Sean Hehir

https://www.youtube.com/watch?v=AIGX2Qi6qdg

1:30 But the biggest takeaway and I really wanted to stress this is the confidence we have coming out of this year going into the next short period of time our ability to win. I outlined during the AGM all these things that I just discussed plus the fact that we've been down selected on almost all of our major engagements from multi competitors to just a few on all them. The fact that I personally meet in with C- level Executives of many large companies around the world. They wouldn't do that if they didn't view us as a viable strategic partner and the fact that we know that decisions are coming in a relatively short period of time gives us great hope of the future of this company.

4:07 I said it during the AGM we're competing events against companies that are larger with bigger brands and have been in market for many, many years that adds more time. We're holding our own in these competitions and we're excelling or making our down selection that tells us we're doing well, but that adds time as we establish our credibility in there. And lastly because the neural acceleration phase of chips is relatively new these are big strategic decisions for big companies.

[moka]

BrainChip Holdings Ltd announces A$25m equity capital raising

· Company completes fully underwritten A$20m institutional placement (“Placement”) and A$2m sale of existing securities from LDA Capital (“Existing Share Sale”)
• Non-underwritten share purchase plan (“SPP”) to raise up to an additional A$3m
• Use of funds to support commercialisation of the Company’s AkidaTM 2.0 technology and development of the TENNs algorithm
• Current Put Option Agreement (“POA”) obligation with LDA Capital LLC (‘LDA Capital”) now fulfilled
• Appointment of Steven Brightfield as Chief Marketing Officer and two key advisors to newly reconstituted Scientific Advisory Board

The Placement, Existing Share Sale and SPP will be conducted at a price of A$0.193 per share.
The Placement and Existing Share Sale will comprise of approximately 113.4 million Shares to raise A$22m.

https://stocknessmonster.com/announc...asx-2A1537323/
BrainChip Holdings Ltd announces A$25m equity capital raising

https://stocknessmonster.com/announc...asx-2A1537326/
Investor Presentation
https://stocknessmonster.com/announc...asx-2A1537279/
Proposed issue of securities
https://stocknessmonster.com/announc...asx-2A1537283/
Appendix 3B - Proposed issue of securities
https://stocknessmonster.com/announc...asx-2A1537287/
Cleansing Notice – Share Purchase Plan
https://stocknessmonster.com/announc...asx-2A1537359/
Share Purchase Plan Offer

[moka]

On Thursday after the capital raise announcement BRN closed at 20.5c up 0.5c, on 14.7m, $2.9m.

BrainChip Holdings Ltd Appendix 4C & Quarterly Activities Report for the Period Ended 30 June 2024.

https://stocknessmonster.com/announc...asx-2A1537324/

• Cash Balance as of 30 June 2024 US$10.9M

On 27 March, BrainChip issued a Capital Call Notice to LDA Capital to subscribe for up to 40 million BrainChip shares, as part of its commitment to draw down a minimum of A$12 million no later than 31 December 2024.
The capital call was closed on 28 June 2024 after the sale of 31.1M shares, net of the 8.5% discount. Proceeds received from the sale of shares were received in instalments over the capital call period with A$2.82 million received on 19 April and $5.565 million received after the close of the quarter on 3 July.

As reported separately to the market today, the remaining current obligation of $3.7M was fulfilled in conjunction with the capital raise, where LDA agreed to contribute all remaining unpurchased issued shares of 10.1M to the Placement Offer pool, in exchange for an “Early Buyout Fee” payment of $371k.

In late June BrainChip management reluctantly decided to shut down the Brainchip Research Institute (BRI) in Perth, Western Australia.

On 9 May the Company publicised that Pennsylvania State University (Penn State) had joined the BrainChip University AI Accelerator Program.

FINANCIAL UPDATE
The Company ended the June Quarter with US$10.9M in cash compared to US$12.9M in the prior quarter.
BrainChip reported net operating cash outflows of US$3.9M vs.US$4.4M in the prior quarter.

Cash inflow from customers in the current quarter totaled US$0.05M whereas the prior quarter reported US$0.09M.

The Company continues to experience long sales cycle times but remains optimistic based on the number of active engagements and level of interest from our prospective customers.

https://stocknessmonster.com/announc...asx-2A1537271/
Top 20 Shareholders