• BrainChip’s American Depositary Receipts (ADRs) begin trading on OTCQX under ticker symbol BCHPY on 03 November 2021 (US)
• Instrument aimed at attracting US institutional investors
BrainChip Holdings Ltd (ASX:BRN, OTCQX: BCHPY), a leading provider of ultra-low power high performance artificial intelligence technology and the world’s first commercial producer of neuromorphic AI chips, is pleased today to announce the launch of its sponsored Level 1 American Depositary Receipts Program (ADR Program). Trading will begin via the OTCQX Best Market under the ticker symbol BCHPY on 03 November at the US market open.
An ADR is a US trading instrument denominated in USD that allows non-US issuers to trade on a US trading platform such as the OTCQX or US exchange. Establishing this program is part of an ongoing strategy to make BrainChip more attractive to investors outside Australia and make the Company eligible to receive investment from North American institutions and fund managers.
The Company has set the ratio of 1 ADR equal to 40 shares of BRN stock listed on the ASX. The ADRs will be issued by The Bank of New York Mellon (BNYM), the company’s nominated depositary bank. BNYM facilitates the issuance and cancellation of ADRs in accordance with the instructions received from market participants (i.e., brokers / investors). The program operates in accordance with a Deposit Agreement, lodged with the U.S. Securities & Exchange Commission and for each ADR issued, the respective underlying BRN ordinary share is held in custody by BNYM. These shares cannot be lent under any circumstances, nor can they be traded for any purposes beyond that of the ADR program.
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