BrainChip Holdings Ltd ACN 151 159 812 (ASX:BRN) (BrainChip or the Company), a leading provider of ultra-low power high performance AI technology, is pleased to announce that it has entered into a put option agreement (Agreement) with LDA Capital Limited and LDA Capital LLC (LDA Capital), a United States based investment group, to provide the Company with up to A$29 million in committed equity capital over the next 12 months which may be extended by the parties for a further 12 months. The Company will control the timing and maximum amount of the draw down under this facility subject only to the minimum draw down commitment of A$10 million within the first 12 months.
The facility strengthens the Company’s balance sheet and is intended to support the commercialization of the Company’s groundbreaking AkidaTM technology. This funding will allow the Company, whilst it continues to maintain strict cost controls, to tailor the timing and size of each capital draw to support growth, expected customer engagements, operating costs and eventual manufacturing of Akida devices, while safeguarding shareholder value. It also provides further protection for the Company as our economy continues to face market and Covid-19 related risks.
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