2020 BRN Discussion, page-10725

Just read the company's announcement of 13 August 2020 and think I understand it.

" The issue price of the capital call Shares will be 90% of the higher of the average VWAP of Shares in the 30 trading
day period after exercise of the put option (subject to any applicable adjustments) and the minimum price
notified to LDA Capital by the Company upon exercise of the put option."

The recent 30 trading day period should have a high VWAP.

I don't like how the company has also given LDA a free kick here as well as agreeing to pay LDA commitment fees $580,000 (which may be paid in shares)

" the Company has agreed to issue up to 75,000,000 unlisted options to LDA Capital with 37,500,000 of these having an exercise price of A$0.15 and 37,500,000 having an exercise price of A$0.20, with each option having an exercise period of 3 years."

How many of these low exercise price options are floating around?

A lot of shareholder dilution has happened over the years with options issues by Brainchip to directors and other parties.