Total
0
Shares
BrainChip Holdings (ASX:BRN) - CEO, Peter van der Made
CEO, Peter van der Made
Source: BrainChip
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Artificial intelligence (AI) processor technology company BrainChip Holdings (BRN) issues a capital call notice to LDA Capital for over 8.7 million shares
  • Last year, the global tech company entered a put option agreement with LDA to receive up to $29 million in equity capital
  • BrainChip will use the funds to support the commercialisation of its Akida technology
  • Additionally, the company is committed to draw down a minimum of $9.2 million by the end of October
  • BrainChip is down 1.87 per cent and is trading at 52.5 cents per share at 11:18 am AEST

BrainChip Holdings (BRN) has issued a capital call notice to LDA Capital for over 8.7 million shares.

A capital call is a legal right of an investment firm or an insurance firm to demand a portion of the money promised to it by an investor.

Last year, the global tech company entered a put option agreement with LDA to receive up to $29 million in equity capital.

BrainChip will use the funds to support the commercialisation of its Akida technology.

Additionally, the company is committed to draw down a minimum of $9.2 million by the end of October.

Founder and CEO, Peter van der Made, said the funds would be used to strengthen its balance sheet to support Akida technology.

“Proceeds will also be used to strengthen the sales and marketing team in anticipation of the launch of Akida later this year, as well as increased focus on customer engagement and investor relations activities in Australia, the US and Europe,” he said.

BrainChip was down 1.87 per cent and is trading at 52.5 cents per share at 11:18 am AEST.

BRN by the numbers
More From The Market Herald
Damstra (ASX:DTC) - Chairman, Johannes Risseeuw

" Damstra (ASX:DTC) completes $18m TIKS Solutions buy

Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.
Adveritas (ASX:AV1) - Cofounder and CEO, Matthew Ratty

" Adveritas (ASX:AV1) sees TrafficGuard integrate with Google Cloud Marketplace

Adveritas (AV1) has seen TrafficGuard officially accepted and integrated into the Google Cloud Marketplace.
DXN (ASX:DXN) - CEO, Matthew Madden

" DXN (ASX:DXN) signs third contract with SUB.CO

DXN (DXN) has singed a third contract with SUB.CO for additional works as part of the Oman Australian Cable System.
Structural Monitoring Systems (ASX:SMN) - Chairman, William Rouse

" Structural Monitoring Systems (ASX:SMN) shareholders seek vote to sack directors

Two directors of Structural Monitoring Systems (SMN) are at risk of being removed from the company’s board after shareholders this week called for