BRN Discussion Ongoing

[rgupta]

I hear you Rgupta and understand what you are saying, as well as your concerns.

The 4th amendment of the LDA Capital arrangement, came out on the 7th of January and was designed to provide access to capital when necessary, through to June 2026.

That was obviously thrown together pretty quickly, as our obligation with LDA expired on the 31st of December 2024 and we had already bought back the remaining shares prior to that.

The plan to redomicile to the US, at an earlier stage of the Company than anticipated, would have come "after" the above arrangements and plans were in place.

Basically, you could consider it as another misstep by the Company, but the new direction has been one necessitated, by the rapidly changing environment, in the US inparticular, which they did not foresee the implications of.

It's a necessary change of tack, that the Company has had to make and it's actually a good thing, that we are still "small" enough, to change direction when needed.


There does need to be some solid progress heading into the proposed listing, as yes we would likely crash and burn, if we entered as presently.

With every misstep by this management, price has to paid by holders. Why cannot they see before making commitments.
Let me be very clear CEO job is a visionary person, who can see well beyond a normal person. Brainchip is engaged with US DoD so why cannot Sean and his team see Trump is coming. It is not a surprise what Trump is doing, he was quite vocal what he is going to do.
Look right now you say that was one misstep, 2morrow you will realise that announcement of redomicile was an other mis step but the price has to paid by holders.
By the way why would we need more than 100 million upto 26th June,2026. Our expenses are only 20-25 million a year and we have 25 million in reserve as well. The whole game is to make asx holders bank rupt and then move to US. They can enjoy another 2years with our money in US.
Sorry DB I am taker of this ideology, either management should prove us they can bring results or they are better be ready to be fired.
Dyor

 

[FabricatedLunacy]

I feel you Papacass. I've been holder for over 9 years, and I am finding it enormously difficult to maintain positivity.

I want to believe in the technology, but how long does it take to get a "significant" deal over the line, not the small deals that we've seen recently. We've been promised so much over the years, but it has just never eventuated. Year after year, and podcast after podcast we are told this is the year, deals around the corner, hockey stick growth, explosive sales etc. I've actually spend some time going through past AGMs, podcasts and news etc, and Brainchip have simply not delivered on what they've said.

I've held my investment because I trusted the company and I've believed what they've told me (shareholders). I'm seriously beginning to wonder if any of it is true... My faith and confidence in management is almost zero!

And now to suggest a US listing, when they have not displayed any "real" success in Australia. To have four or five asx announcements in a day and just slip this one in, I can't help but think that management do not care one iota about Australian shareholders or the share price. Management have a lot of work to do, before they'll be able to convince shareholders to vote for this.

My other issue, is our list of partners. What does all of this mean? We have Mercedes, ARM, Intel etc etc. But no-one really knows what "partner" means. Does it mean we are working towards an IP licence or deal, or is it simply a single employee in a dark room playing with an Akida chip? Or it is someone like Mercedes who have used Akida in their EQXX model, but now it's radio since (so we don't know if EQXX was the end or beginning of our relationship with Mercedes). Will any of these partners actually lead to significant revenue/IP licence? It's like a black hole....I've emailed TD and ask him directly what "partnerships means" but just got back an email full of gibberish, goes around in circles and each sentence contracts the one before.

Im really hoping for some positive news before the AGM, but I've said this every year for years, so not holding my breath.

And for those that say oh well sell, selling is not the answer. The answer is management actually doing their jobs!

Yep pretty much… only got dribble back from TD as well.

 

[Mccabe84]

With every misstep by this management, price has to paid by holders. Why cannot they see before making commitments.
Let me be very clear CEO job is a visionary person, who can see well beyond a normal person. Brainchip is engaged with US DoD so why cannot Sean and his team see Trump is coming. It is not a surprise what Trump is doing, he was quite vocal what he is going to do.
Look right now you say that was one misstep, 2morrow you will realise that announcement of redomicile was an other mis step but the price has to paid by holders.
By the way why would we need more than 100 million upto 26th June,2026. Our expenses are only 20-25 million a year and we have 25 million in reserve as well. The whole game is to make asx holders bank rupt and then move to US. They can enjoy another 2years with our money in US.
Sorry DB I am taker of this ideology, either management should prove us they can bring results or they are better be ready to be fired.
Dyor

I think you need to sell, as soon as you get the chance.

 

[rgupta]

To my imagination Sean will resign while taking responsibility for the announcement brainchip had in Dec24 saying that they had signed and agreement for 1.8 million USD with Arfl with 800000 USD sun contract with a unnamed company. Then in 4c they told us that unknown company is still in negotiations and in between there is change of gaurd in US and new administration does not want to provide any such contract to a foreign company. That is where the subcontractor back out.
So without the sub contractor the contract may have no validity as the sub contractor is supposed to provide the existing signals which need to be modified for akida friendly format.
Then the company decided yes we should redomicile to US and that to me is behind all this drama.
So let us how much visionary and intelligent Sean is here to safegaurd his and company interests.
Dyor

 

[DingoBorat]

With every misstep by this management, price has to paid by holders. Why cannot they see before making commitments.
Let me be very clear CEO job is a visionary person, who can see well beyond a normal person. Brainchip is engaged with US DoD so why cannot Sean and his team see Trump is coming. It is not a surprise what Trump is doing, he was quite vocal what he is going to do.
Look right now you say that was one misstep, 2morrow you will realise that announcement of redomicile was an other mis step but the price has to paid by holders.
By the way why would we need more than 100 million upto 26th June,2026. Our expenses are only 20-25 million a year and we have 25 million in reserve as well. The whole game is to make asx holders bank rupt and then move to US. They can enjoy another 2years with our money in US.
Sorry DB I am taker of this ideology, either management should prove us they can bring results or they are better be ready to be fired.
Dyor

I think it's fair to say, that changes are happening, quicker than anyone anticipated.

Even multi, multi billion dollar successful Companies, make strategic errors.

I don't believe the Company is "intentionally" trying to disadvantage holders.

 

[CHIPS]

Just to break up some of the MAFS type behaviour on this forum.

Anil Mankar and Steven brightfield like this

Atmosic Technologies Secures $40M Funding Led by Sutter Hill Ventures | Ali Foughi | 37 comments

Atmosic Technologies Secures $40M Funding Led by Sutter Hill Ventures | 37 comments on LinkedIn

www.linkedin.com

Atmosic Technologies, a leader in ultra-low power compute and connectivity solutions ....

They need and want Akida!

 

[rgupta]

I think you need to sell, as soon as you get the chance.

Why should I sell for someone's fault. Look I am down and if it goes down further that will not hurt me more than what it is hurting me now. This management is a blunder and they should be hold responsible for their act.
Yes if you like the management that much then gather support and try to lift the sp, may be I will sell as well.
Right now it is down and that is a proof no one is liking this blunder, a lot are fearful and are out, a lot increase their shorts but there are majority who still are holding and they know someone have to correct things.
Let us wait and watch, but seriously thanks for your suggestion but I am not selling yet.
If you like it you can keep on buying.
Dyor

 

[manny100]

Everything you’ve stated is speculation. In the past it has been assumed that positive news is just around the corner and we’re still waiting.

I am a definite NO until I am convinced otherwise. My decision will be based of facts not speculation.

I’m hoping you’re right but management so far have left me with doubt.

speculation? We have has plenty of positive news since sept'24. Frontgrade, US AFRL, BRN/QV/Lockheed-Martin, Bascom Hunter (Navy Transition), M2, Onsor. Given engagements started 2022 or thereabouts for AKIDA 1000 it is reasonable to expect more news regarding engagements this year.
It is IMO also reasonable to expect that the BOD will have some 'ammo' up its sleeve before the meeting to persuade holders to a YES vote.
Unless the BOD come up with some pretty good reasons indicating future big $$ I doubt that even bigger retail holders would risk the loss of control Aussie holders will experience with a listing in the US.
If it goes through we will be foreign holders.
No sweeteners = No vote = I expect some very positive news before the meeting

 

[rgupta]

I think it's fair to say, that changes are happening, quicker than anyone anticipated.

Even multi, multi billion dollar successful Companies, make strategic errors.

I don't believe the Company is "intentionally" trying to disadvantage holders.

DB management is responsible for good and bad.Let us see what is coming ahead.
But a mistake by big company can bring them to where intel is today and a mistake by a small company can dilute the entire company like brainchip holders are fearing here.
Regarding intentional or non intentional they must know their holders, they must know how to make a presentation, everything discussed at board meetings need not be out immediately, and there should be some ground work has to go through.
But anyway the arrow is out from the bow and now the only survival for us is management can find some fixes here.
The main fix is management should show us path to be followed. How they are going to get some investments from US before redomicile. If they want to take out investments and go to US that will be cheating.
They have to show us they can handle difficult situations but right now it gets a feeling that Sean is ready to jump the ship.
This is 1st time Sean sold his shares in Jan Feb while the tax season ended in Dec.
Anyway I still feels like a miracle where a invisible helping hand can protect all our investments.
But definately a big no to US listing unless management can prove us it is better for us and they can show they can get funding in US from a tech company or an institutional investor.
Dyor

 

[Mccabe84]

Why should I sell for someone's fault. Look I am down and if it goes down further that will not hurt me more than what it is hurting me now. This management is a blunder and they should be hold responsible for their act.
Yes if you like the management that much then gather support and try to lift the sp, may be I will sell as well.
Right now it is down and that is a proof no one is liking this blunder, a lot are fearful and are out, a lot increase their shorts but there are majority who still are holding and they know someone have to correct things.
Let us wait and watch, but seriously thanks for your suggestion but I am not selling yet.
If you like it you can keep on buying.
Dyor

You just seem to be complaining a lot ( which you're entitled to), that's why I think this may not be for you..

I've got what I'm willing to loose in it but at some point i might buy more.

Anyway I'm voting yes for the move away from the asx

 

[rgupta]

speculation? We have has plenty of positive news since sept'24. Frontgrade, US AFRL, BRN/QV/Lockheed-Martin, Bascom Hunter (Navy Transition), M2, Onsor. Given engagements started 2022 or thereabouts for AKIDA 1000 it is reasonable to expect more news regarding engagements this year.
It is IMO also reasonable to expect that the BOD will have some 'ammo' up its sleeve before the meeting to persuade holders to a YES vote.
Unless the BOD come up with some pretty good reasons indicating future big $$ I doubt that even bigger retail holders would risk the loss of control Aussie holders will experience with a listing in the US.
If it goes through we will be foreign holders.
No sweeteners = No vote = I expect some very positive news before the meeting

Biggest news of 2024 was that arfl contract but in present context that looks in danger right now. Management have to act fast, just telling market that they are thinking about redomicile to US is not a solution here.
Dyor

 

[DingoBorat]

DB management is responsible for good and bad.Let us see what is coming ahead.
But a mistake by big company can bring them to where intel is today and a mistake by a small company can dilute the entire company like brainchip holders are fearing here.
Regarding intentional or non intentional they must know their holders, they must know how to make a presentation, everything discussed at board meetings need not be out immediately, and there should be some ground work has to go through.
But anyway the arrow is out from the bow and now the only survival for us is management can find some fixes here.
The main fix is management should show us path to be followed. How they are going to get some investments from US before redomicile. If they want to take out investments and go to US that will be cheating.
They have to show us they can handle difficult situations but right now it gets a feeling that Sean is ready to jump the ship.
This is 1st time Sean sold his shares in Jan Feb while the tax season ended in Dec.
Anyway I still feels like a miracle where a invisible helping hand can protect all our investments.
But definately a big no to US listing unless management can prove us it is better for us and they can show they can get funding in US from a tech company or an institutional investor.
Dyor

I want to reiterate, that I do not want substantial dilution to occur in this move.

The Company "does" say that we will hold shares "equivalent in value" to our ASX holdings, on a US listing, which is a stretch at best, if there is substantial dilution.

We have to wait for the "Scheme of Arrangement"

They will not make, what has been said to be the necessary 75% vote, if it includes an unwanted shafting.

 

[Pom down under]

By the way why would we need more than 100 million upto 26th June,2026. Our expenses are only 20-25 million a year and we have 25 million in reserve as well. The whole game is to make asx holders bank rupt and then move to US. They can enjoy another 2years with our money in US.

that’s a wry big accusation, what evidence do you have to support it? Or is it presumption

 

[Getupthere]

I'll try to get a response from Peter when I give him a call, he knows all about the loyalty and has met many Australian shareholders, with 3
NED's on the Board from Australia, nothing should ever be taken for granted, my personal attitude is that, we are still making forward steps, yes it's bloody frustrating seeing our share price so damn low, are we undervalued ?? it's hard to say when we see the quarterly revenue, it's depressing, lets be honest...BUT, why are big corporations still engaged with us ? because we have something that's definitely disruptive.

I agree with many of the regular posters, and my opinion really is, the company has to reveal exactly why this moving to the US at this stage
is so important, I want them to be upfront and truly sell me the idea WHY, NOT JUST BECAUSE THEY SAY SO.....many in Australia on this stock
are really hurting, yet we have a brilliant technology, don't you all agree ?

What we really need is AKD II and TENN's to infiltrate the ASX and counter the BOTS once and for all, the trading pattern and individual lines
make me sick......corruption at its finest..........ASIC make me sick as well.......absolutely gutless !!!!

Rant and moan completed..........Tech (stay strong BRN lovers)

I completely agree we deserve a clear, detailed explanation of why this move to the U.S. is so critical right now.

Its not enough to just be told its the right decision, they need to sell us on it with facts, reasoning, and transparency.

Without any valid reason, I classify this as a distraction, and I will not vote for it.

Blindly extending Sean another 12 months without any real accountability is unacceptable.

 

[Pom down under]

Sean if your reading this or getting feedback probably from FF sorry I mean Tony, you’ve eithet got balls of steal or something up your sleeve, let’s hope it’s the latter

 

[Galaxycar]

Must be psychic when I said Sean was selling shares yesterday and we wouldn’t know, Fucken shouldn’t have bonus shares to even sell the parasite,yep board as well sucking all the free shares for doin fuck all.

 

[Guzzi62]

I’ve been a supporter and part owner of Brainchip for about 8 years now, all through the soul sapping lows and rare euphoric ups. I believe in the tech but I’m starting to detect a stench. I’m starting to think that Hehir and Vianna are weasels. They resent being listed on and accountable to the ASX and they resent being accountable to Australian shareholders. I suspect they hate coming to Australia and fronting up at the AGM and being questioned by Australians. ‘The share price will do what the share price will do’ is bullshit and just shows true contempt to thousands of shareholders who have put in their hard earned. BRN knew that the redomiciling announcement would hurt the share price, it was marked price sensitive, and they know that thousands of Australian shareholders hold their shares in Australian super funds because they have full access to the register. I, for one, don’t think that there is any huge revenue making deal around the corner contingent on a US listing. Australia is in AUKUS, we’re a trusted ally right? Surely Australia can help build the iron dome and protect US defence computer infrastructure the same as we can buy second hand nuclear subs and 4th or 5th gen fighters from the US. I think BRN wants to largely divest itself of Australian shareholders and become a fully US company. The question I have is can Aussie shareholders hang on and maybe reap some rewards from the promised land? My opinion is that the redomiciling is going to happen, what happens to us is the question. I’d love to know what PVDM thinks. As a proud Australian and founder surely he doesn’t want us shafted. Sorry for the rant, just feeling a bit shitty with BRN at the moment.

The board including PVDM agreed that it's the best solution.

Quote:
The Board unanimously believes this strategic decision is in the best interests of our shareholders,
our employees, our partners and our existing and future licensees.

No one wants to get shafted, and I think you are overreacting.

Let's see what will be said during the AGM first before crying foul play, shall we?

In the meantime, in the US:

Big Tech is moving quickly and aggressively to ensure it stays on President Trump’s good side.

Companies ranging from Apple (AAPL) and Meta (META) to Google (GOOG, GOOGL) and Amazon (AMZN) have taken steps to improve their standing with Trump, whether that’s through promised investments in American factories or changes to their diversity, equity, and inclusion (DEI) practices.

Apple has promised to pour $500 billion into projects across the US, including sourcing servers for its Apple Intelligence platform from a factory in Texas, while TSMC (TSM) has pledged to spend $100 billion building out new plants in Arizona.

Google renamed the Gulf of Mexico the Gulf of America in Google Maps, cut its DEI efforts, and removed a clause in its AI policy that would have prevented the company from using the technology for weapons.

Meta’s Mark Zuckerberg has installed Trump ally and UFC CEO Dana White as a Meta board member, curtailed DEI programs, and paid $25 million to settle a lawsuit Trump filed after the social media network banned his account following the Jan. 6 attack.

Amazon founder and Washington Post owner Jeff Bezos, meanwhile, has exerted his influence over the Post’s editorial board, preventing it from endorsing Trump’s rival, former Vice President Kamala Harris, in the run-up to the 2024 election and telling the board to focus on personal liberties and free markets.

“There is an old saying in DC that you’re either at the table or on the menu,” explained Edward Mills, managing director and Washington policy analyst at Raymond James. “We saw significant resistance [from tech] in Trump 1.0, and very frequently tech [companies] found themselves on the menu through much more aggressive antitrust actions and a very unfriendly DC. In Trump 2.0 it is clear to me that they are trying to be at the table.”


More in the link:

https://us.yahoo.com/finance/news/how-big-tech-is-trying-to-win-over-trump-200058642.html

 

[Pom down under]

Must be psychic when I said Sean was selling shares yesterday and we wouldn’t know, Fucken shouldn’t have bonus shares to even sell the parasite,yep board as well sucking all the free shares for doin fuck all.

As everyone says it for tax purposes, so maybe he owed the tax man a few million $$$ before he joined us

 

[CrabmansFriend]

Currently, I'm not very happy about how the planned switch to an US stock exchange was communicated either. I would have expected this topic would have at least been combined with some real positive news about substantial revenue. But I don't want to dwell on that now ...

Actually, I just wanted to share a short news article I read yesterday about some aspects of China's efforts around semiconductor related research (as their access to conventional AI chips but also current state-of-the-art manufacturing equipment has been limited for some time).

I know this is absolutely no new dot to connect or any hint on Brainchip's potential hitting the road finally (financially or stock price), but after reading the article below I was asking myself:

What if the Chip War on China will lead to a DeepSeek moment in the future (maybe during the next 2 years or so) but this time not in relation to AI/ML-models but concerning the hardware/chip side?

In terms of what China is studying, neuromorphic computing (based on processors structured like neurons) and optoelectric computing (using light to transfer data within chips) take up the lion's share of modern research coming from China. These are post-Moore's Law technologies to pursue outside the traditional framework of chasing ever-smaller process nodes and, therefore, outside the regulations currently leveled on the Chinese industry.

source: China doubles US research output on next-gen chips amid export bans — trade war fuels a research wave (2025-03-04)

An overview about topics and "research clusters" referenced in the above article (scroll to the headline "Hot topics in chip design and fabrication research"):

source: Hot topics in chip design and fabrication research: insights from the Map of Science

 

[rgupta]

that’s a wry big accusation, what evidence do you have to support it? Or is it presumption


View attachment 78734

https://www.marketindex.com.au/asx/brn/announcements/fourth-amendment-to-lda-put-option-agreement-2A1572233

4th amendment with LDA where LDA can provide upto 140 million dollars to brainchip out of which 68 million is already drawn. Condition of amendment brainchip must draw down 20 million. Upto 30 june 2025.
With new amendment they increase brainchip draw down by 37 million.
So if we did not need that extra 37 million we may not do 20 million. drawdown before 30 th June 2025, we can still get upto 35 million more.
Now after 20 million of draw down we have another limit of 52 million. That limit expires on June 2026.

Dyor