BrainChip Holdings Ltd (ASX:BRN, OTCQX:BRCHF), a leading provider of ultra-low power high performance AI technology today announced that the company has entered into a second amendment to the previously announced Put Option Agreement (POA) with LDA Capital LLC (LDA Capital).
The Company and LDA Capital have agreed to an amendment that will provide the company with access to capital when necessary, until December 2023 and increases the total available funding under the agreement to AU$65M (Total Commitment Amount).
This amendment allows the company to defer its remaining $5.3M draw down obligation until 28 February 2022, which was previously due under the first amendment (“First Draw Down Period”) of the agreement expiring on 22 October 2021. Upon completion of the first drawdown period, a second draw-down period becomes effective immediately and requires the company to draw-down an additional $15M by 31 December 2022 (“Second Draw-Down Period”). A Third draw-down period, also with a $15M minimum draw-down obligation begins on the 1st January 2023 and ends on the 31st December 2023.
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