- BrainChip (BRN) has updated the market following a trading halt requested on January 15, 2020
- In exchange for the release of 10 million shares, BrainChip will receive $520,000 in gross proceeds
- Proceeds will be received within two business days and no new shares are issued as a result
- The balance of debt remaining is $1.43 million and the remaining shares to be returned to the company is 20 million
- BrainChip is currently down 7.55 per cent with share trading for 4.9 cents apiece
BrainChip (BRN) has updated the market following a trading halt requested on January, 15 2020.
In exchange for the release of 10 million collateral shares, BrainChip will receive $520,000 in gross proceeds.
Proceeds will be received by the company within two business days and no new shares are issued as a result of this transaction.
The balance of debt remaining on the note is US$990,000 (AUD$1.43 million) and the remaining collateral shares to be returned to BrainChip, or otherwise dispositioned, is 20 million.
This transaction replaces the placement previously considered by the company in its request for a trading halt on January 15.
BrainChip has developed a revolutionary spiking neural network technology, a type of neuromorphic computing that learns autonomously, evolves and associates information just like the human brain.
BrainChip’s first application of this technology is the BrainChip Studio and BrainChip Accelerator which aids law enforcement and intelligence organisations to quickly search vast amounts of video footage and identify objects or faces.
The company will continue to update the market in accordance with its continuous disclosure requirement.
BrainChip is currently down 7.55 per cent with shares trading for 4.9 cents apiece at 12:11 pm AEDT.