Fullmoonfever
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Didn't search & couldn't recall if posted already but anyway.
I wonder if this outstanding post deserves a separate thread by which can be directly referenced whenever anyone complains why BRN are not announcing future non-price sensitive information via the ASX. AIMO.Hi Dang Son and everyone else,
I intend to now put this question to bed once and for all.
Many here will remember an Australian company GetSwift and the games it tried to play to 'ramp' its share price which led to it delisting on the ASX and I believe moving to Canada.
In short it was committing a fraud on its shareholders and the market by fabricating and exaggerating the extent of an engagement that it claimed to have achieved. It was discovered and successful prosecutions launched.
In consequence of this case the ASX revised completely its approach to 'ramping' and how it deals with companies it considers are engaged in this practice. The prosecution of the female tech founder and her subsequent imprisonment in the USA has placed even greater focus at the ASX on technology companies particularly those like Brainchip which has revolutionary technology that is not understood by most and which organisations like the Australian Financial Review, Motley Fool and ***************** have been calling out for being driven by retail to unstainable levels with unproven technology the 'WANCA' effect in other words.
Though I am a retired lawyer the very fact I am retired means I cannot provide legal advice so I will reproduce advice from actual practising Lawyers to their clients regarding this issue:
Thinking | 9 June 2021
ASX cracks down on ‘ramping announcements’
By Michelle Eastwell and Vanessa Murphy
The use of ‘ramping announcements’ has been on ASX’s radar for some time now. Listed companies should carefully consider the content of and language used in market announcements, following ASX’s latest update to Guidance Note 8, which came into effect on 5 June 2021.
As the name suggests, a ‘ramping announcement’ is made with a view to ‘ramping up’ the price of securities and can take a variety of forms. Examples include announcements that contain no new material information or substance but are issued under the guise of ‘business updates’ or on the back of strong market sentiment in a sector. A quick series of announcements intended to pique investor interest but which aren’t particularly material can also be ‘ramping announcements’.
‘Ramping announcements’ can also take the form of an announcement that an entity has entered into what appears to be a material contract but with very limited information disclosed to actually assess the materiality of the contract and its impact on the price or value of the entity’s securities. This has been a particular area of focus for ASX.
Examples of ‘ramping announcements’ identified by ASX include:
ASX has previously observed instances of ‘ramping announcements’ being made just prior to or after a capital raising, presumably with the intent of boosting the raising price or the post raise trading price or following the appointment of advisors where they are remunerated in securities.
- announcing a contract with a major customer to leverage off the customer’s reputation, without properly quantifying the benefit to the entity. In one instance, this included disclosure of a ‘material commercial agreement with a leading financial entity’ under which the entity was to receive less than $1,000;
- announcing a contract when in fact it is only a non-binding heads of agreement or a framework agreement that only establishes contractual arrangements that will apply to future orders (if any are made);
- projecting substantial revenues, without reasonable grounds; and
- describing a contract as ‘material’ when clearly it is not.
If ASX suspects a ‘ramping announcement’ has been made, it will carefully consider whether to suspend trading and issue a query letter to the entity seeking further information about the announcement. In particular, ASX may ask the entity to advise what information was market sensitive, and, if not market sensitive, to explain the purpose of the announcement, and, if the announcement includes any projections or forward looking statements, the reasonable grounds on which those statements are based. This also aligns with ASX’s recent monitoring activities in relation to the disclosure of material contracts, which have involved revisiting historical announcements to assess whether matters previously disclosed are consistent with, and do not overstate, the true position reached by the listed company in relation to the relevant contract or transaction.
Where an announcement relates to a contract, ASX may ask for a copy of the contract (not for release to market) in order to verify compliance with disclosure obligations.
ASX may also require corrective disclosure to be made where information in a ‘ramping announcement’ was not material or was incomplete or misleading, advising of these matters and stating that investors should not make investment decisions based on the announcement. This is unlikely to be well received by the market.
With the continued focus by ASX on ‘ramping announcements’, listed companies should ensure they turn their minds to the appropriateness of announcements that do not clearly contain price sensitive information. While there will often be a range of legitimate reasons for making such announcements, careful consideration should be given to the language used, the timing and proximity to other announcements and the substance of the announcement.
For further information regarding disclosure obligations, please contact our team.
So having read this advice and having communicated with Tony Dawe I can say that Brainchip being made aware in discussions with the ASX that they are specifically watching technology stocks and that they will come down very hard on what they consider to be 'ramping’’. Brainchip decided to take the approach that it will only release on the ASX solid gold price sensitive announcements with real income presently attaching. Potential will not be enough no matter how much it appears to be.
The above advice explains the wisdom of taking this approach as even a marked 'non price sensitive' update such as we have formed a partnership with SiFive for example could be called out as ‘ramping’ by the ASX.
Brainchip has taken the view that as a result of all of the attacks that it suffered and continues to suffer, its Australian and International reputation, at this critical point in its success trajectory would be significantly affected even by an enquiry from the ASX regarding an allegation to the effect that it was engaging in 'ramping.
Brainchip and those that control the levers clearly know they do not need to 'ramp' they are on the road to success and even though some short term pain might be encountered as a result of this approach, the company's future and its potential customer engagements are far too important to have their reputation tarnished by a 'ramping' allegation even if later found not to be proven.
I would now suggest that if you have not listened to the Rob Lincourt of DELL Technologies podcast you take the time to do so because he talks about the need for his industry which is Brainchip's industry to regain trust because of the errors that have occurred in the past with artificial intelligence and the general suspicion that exists across the market when Ai is mentioned.
The need for explainable Ai which I am sure you have read about and for trust in the automotive sector to gain the approval of Governments and politicians for autonomous driving and supporting legislation, requires Brainchip to have a squeaky clean reputation as any scandal could cause a potential partner to look elsewhere even if in doing so they give up the opportunity to be using the best technology.
So we have lots of things to thank the corrupt end of the share market for and this is but one more thing but in the end because we have the right people running the company we will come out on top in my opinion. By being ultra careful no mistakes or missteps can occur.
Please therefore in your dealings with Brainchip try to be understanding as to the tightrope they are walking with the absolute best interests of the company and shareholders always at the forefront of their thinking.
My opinion only DYOR
FF
AKIDA BALLISTA
CheerThanks Dang Son.
I'm not familiar with "The Great Reset Movement" so will check it out over the weekend.
Bring on Akida baby and have a good'n.
I hear you brother.
Where you from Rocket, Do you think the Hammers can win the europaI think the IMX900 range is about to be released
I was just reading the following and two answers jumped out. One being the effects of the war in Ukraine (someone thought the war has had no implications for the stock market value of BRN) and the second was about the diversion of spending to digital and SOC away from analogue (why?):I think AKD500 will be where real revenue will reign...
Yes, the 4C is due, maybe mid-week...but if you are hanging your hat on some major increase in revenue, well then, I've got bad news for you...the company, including our Founder have made it very clear, revenue isn't expected to ramp up until 2023, but the second-half of this year will see increases as earlier announcements will have revenue attached.Another day as a Brainchip holder down a mere 8% never a dull moment cant turn your back for a second.
Really has me wondering on this 4C isnt it due next week?
Hey TasTroy77, my read of what he said, is that our costs will be relatively the same by years end, as they are now.Sean's words made me think in terms of next years revenue.
Sean says
"remember I talked about building up to 100 people end of this year we think that at that point we are at a pretty good sized scale where the revenue growth will start to outgrow the expense growth pretty rapidly.thats the model that we are going to see leveraged " unquote !
So he was referring to the end of this year or early next year not the results of revenue this year.
Sean's words made me think in terms of next years revenue.
Sean says
"remember I talked about building up to 100 people end of this year we think that at that point we are at a pretty good sized scale where the revenue growth will start to outgrow the expense growth pretty rapidly.thats the model that we are going to see leveraged " unquote !
So he was referring to the end of this year or early next year not the results of revenue this year.
I am sure that the words ‘net user of revenue’ were used by Sean Hehir. I cannot tell you which of his presentations but it was fairly recent.
But I am not sure what it means as we know Brainchip has a complete commitment to continuing to drive its lead by research and development.
I get the impression that a lot of money will be channeled into Perth to keep the five to six year lead for AKD3000 so income could be growing but being spent in this area.
I have the impression that AKD3000 might surface all going well in 2024 if so 2025 makes sense for when they outstrip expenditure.
My son-in-law recently needed to hire another Data Scientist and to get the right person with experience he had to pay them more than he receives which worked out OK because the CEO increased his salary to establish parity.
The point is though that across the whole semiconductor space the right people are harder and harder to get so Peter’s end of the business is going to eat up cash at greater rates than it has in the past on salaries.
There is so much global demand the right people are thinking of a number, doubling it and then demanding more.
My opinion only DYOR
FF
AKIDA BALLISTA
@Chilling - are you William H Macey? I've read your posts for a while and they remind me of the role he played in The Cooler. Friendly, slightly diffident but a real downer on everyone around him. It was a deliberate tactic by his casino employer to reduce the buzz of a successful punter. We're not punters, we're investors - and I have a suspicion you're not an investor like us - I think you may be a little escapee from that other place, just sowing seeds of doubt. If I'm wrong then tell me so and I'll back off while I read your positive posts about our great company. BAAAAAALLLLISTAAnother day as a Brainchip holder down a mere 8% never a dull moment cant turn your back for a second.
Really has me wondering on this 4C isnt it due next week?
Peter stated in a previous interview that we will see a EXPLOSION IN REVENUE IN 2022 why has that changed?Yes, the 4C is due, maybe mid-week...but if you are hanging your hat on some major increase in revenue, well then, I've got bad news for you...the company, including our Founder have made it very clear, revenue isn't expected to ramp up until 2023, but the second-half of this year will see increases as earlier announcements will have revenue attached.
The share price is still being manipulated (in my educated opinion).....and why ?... because our stock has real potential and as such is being accumulated by smart money...I'd suggest that you and others stop focusing on the "real-time price" and consider focusing on a two year time frame, at a minimum, you will be rewarded, why ?...because not only of Peter's brilliance in this field, the team that he and Anil have formed around them only suggests one thing...success.
Brainchip is the clear leader, name another company that is at our stage of development, there isn't any, there's a few talkers, a few hopefuls, but the bottom line is, Patents don't get awarded on fluff and fake news.
As I have said to our Founder and Co-Founder...I really hope that they both enter the stage and are honoured for their brilliance in the field of Neuromorphic Computing, both our leaders are workaholics, are driven by a force that isn't "self-centred", both terrific blokes, kind, have a passion for their lifetimes work, and I for one are blessed to have discovered Brainchip and feel very privileged to know Peter and I'm hoping to fly to the US at some point to met Anil in person, to thank him, so without rambling too much...try to appreciate what our founders and the teams around the world are trying hard to achieve, and that is ?....advancing humankind and creating a very successful business...God Bless Brainchip
It's just my opinion, maybe I'm completely wrong...and I would be very happy to be...it's all goodPeter stated in a previous interview that we will see a EXPLOSION IN REVENUE IN 2022 why has that changed?
Yes - it would be interesting to see a graph illustrating the incidence of homelessness and the closure of those hospitals. I'm sure they could point to examples of people who did not need to be institutionalized, and swallows always portend spring.Sorry I switched off after a short time. I have been jaded by the system.
When I studied law one of my Professors was fully immersed in the campaign to close mental hospitals and create safe houses in the community for these lost souls. I argued with him in a tutorial that from a practical point of view I was against the idea simply because my limited life experience told me that out of sight out of mind was a government embraced concept and that closing down such hospitals would allow lip service but in the end these community houses would be underfunded and understaffed and we would find increasing numbers of these lost souls in the prison systems.
My idea was shut down by the Professor who lived in his academic tower with higher ambitions and well today we have academics decrying the numbers of mentally ill in gaols around the country. These artificial think tanks are full of these academics and PR Cops now engage with them rather than confront them because of politics as they are simply there to try and create credibility and appear caring and responsible.
This is not the role of a constable at common law. Police enforce the law they do not make the laws. Injecting Police into the process of making the laws is fraught. If they are given a law that is impossible to enforce for some practical reason they hand it up the chain of command to the Minister for Police setting out the practical issues. Then it is up to the Parliament who represent the people to sort out.
My opinion only DYOR
FF
AKIDA BALLISTA
I said it yesterday and I’ll keep repeating it.Markus Schäfer from Mercedes Benz just posted this on LinkedIn regarding DRIVE PILOT
Markus Schäfer on LinkedIn: #sclass #safety #technology #automateddriving #leadinsoftware #innovation…
Time is a valuable and precious asset – and with DRIVE PILOT, our Level 3 conditionally automated driving system, we plan to offer our clients this new level…www.linkedin.com
Time is a valuable and precious asset – and with DRIVE PILOT, our Level 3 conditionally automated driving system, we plan to offer our clients this new level of luxury enabled by technology: additional time while driving. In December 2021, I told you about the ground-breaking news that we at Mercedes-Benz AG are the first automotive manufacturer in the world to receive the world's first internationally valid system approval for conditionally automated driving (SAE Level 3).
As a first step, we’re offering this world-leading technology to our customers in Germany in the first half of 2022. Moreover, we’re working intensively to obtain approval from the authorities for the two U.S. states of California and Nevada by the end of this year – assuming the legal and regulatory framework allows for the use of the system.
We’re super happy that our DRIVE PILOT meets the demanding regulatory equirements of the international UN-R157 for a Level 3 system enabling conditionally automated driving. Together with the corresponding legal framework, it initiates a radical paradigm shift that permits the vehicle to take over the driving task under certain conditions. This ultimate luxury experience enables our customers to win back precious time when in the car through relaxation or productivity. For instance, they can communicate via in-car office tools, browse the internet or sit back and relax. We’re very confident and extremely excited to bring this new level of luxury to the customers in the states soon.
Want to know more about our technology?
Our DRIVE PILOT builds on the surround sensors of the Driving Assistance Package and comprises additional sensors that we consider indispensable for safe, conditionally automated driving. These include LiDAR and a camera in the rear window along with microphones, used for detecting signals from emergency vehicles. There is also a wetness sensor at the wheel as well. Our #SClass with the optional DRIVE PILOT also has redundant steering and braking systems as well as a redundant on-board electrical system.
The top priority for us at Mercedes-Benz when introducing such a system is safety, which includes high demands on operational reliability. The exact location of the S-Class is determined using a highly accurate positioning system. This is much more powerful than a conventional GPS. In addition, data obtained from satellite navigation are matched with sensor data and data from an HD map. The type of data collected by LiDAR, camera, radar and ultrasonic sensors can include information on road geometry, route characteristics, landmarks or traffic signs.
For us as a pioneer in #safety #technology, avoiding or safely managing critical situations on the road to protect both vehicle occupants and other road users continues to be our core brand value. So I’m looking forward to ever-decreasing accidents in the future.
#AutomatedDriving #LeadInSoftware #Innovation #FutureOfMobility #VisionZero
Yes, but ScoMo has raised it to $46 a week.Hi Hoppy
"Have nothing and be happy " is a catch phrase from The Great Reset Movement
$40 per day couldn't sustain my consumption and I can't think of anyone in this country that it would .
For that movement and catch phrase to work it would have to come from a socialist base and provide for everyone's every need.
I think it's a futuristic concept coming from The World Economic Forum, that can't happen till Akida's everywhere doing the all heavy lifting.
Once upon a time, when there was only American Express and Diners Club, on my first overseas trip, I had to get my boss to approve the travellers cheques order, and he said:I am sure that the words ‘net user of revenue’ were used by Sean Hehir. I cannot tell you which of his presentations but it was fairly recent.
But I am not sure what it means as we know Brainchip has a complete commitment to continuing to drive its lead by research and development.
I get the impression that a lot of money will be channeled into Perth to keep the five to six year lead for AKD3000 so income could be growing but being spent in this area.
I have the impression that AKD3000 might surface all going well in 2024 if so 2025 makes sense for when they outstrip expenditure.
My son-in-law recently needed to hire another Data Scientist and to get the right person with experience he had to pay them more than he receives which worked out OK because the CEO increased his salary to establish parity.
The point is though that across the whole semiconductor space the right people are harder and harder to get so Peter’s end of the business is going to eat up cash at greater rates than it has in the past on salaries.
There is so much global demand the right people are thinking of a number, doubling it and then demanding more.
My opinion only DYOR
FF
AKIDA BALLISTA
I have discussed this with another poster but Peter van der Made did not say an ‘Explosion in Revenue’ he said ‘Explosive SALES’ which is entirely different to revenue as Brainchip is not Woolworths.Peter stated in a previous interview that we will see a EXPLOSION IN REVENUE IN 2022 why has that changed?