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22/09/23

10:38

Post #: 69974129
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Originally posted by Green56FJ: ↑

G'day Stick,

From the Half Year Report (25/8/23)

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
On 13 October 2021, BrainChip and LDA Capital Limited and LDA Capital LLC (“LDA Capital”) announcedThe Second Amendment to the Put Option Agreement (“POA”) (refer to ASX announcements dated 13August 2020 and 26 October 2020), increasing the total LDA commitment under the agreement to A$65million. The Company’s minimum draw-down obligation was also increased by A$30 million.On 14 January 2023, BrainChip submitted a capital call notice to LDA Capital Limited and LDA Capital LLC(“LDA Capital”) in accordance with the Put Option Agreement (POA) dated 13 August 2020 to subscribe forup to 30 million shares with an option for LDA Capital to subscribe up to an additional 10,000,000 sharessubject to the approval of BrainChip. The purpose of this capital call notice was to support the Akidatechnology development and working capital commitments, as well as to satisfy the Company’s obligationunder The Second Minimum Drawdown Amount requiring a minimum of A$15 million to be drawn no laterthan 31 December 2023. On 30 March 2023, the capital call notice was settled resulting in the Companyreceiving US$8,210,972 (A$12,232,543) based on the purchase price per capital call share ranging fromA$0.5895 to A$0.6842.

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Yeah, there's still drawdown remaining that needs to be used in 2023.

The question is how much is remaining.

BRN Price at posting: 19.3¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

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