I believe there are 2 problems...No, BRN does not have to...

I believe there are 2 problems...

1. No, BRN does not have to publish the signing of significant contract with a customer if it is under NDA. Making an announcement about signing a major contract would require that they name the party otherwise it could be a spurious claim. However, if the deal was done subject to NDA ("we don't want you to tell anyone, because that is a commercial secret.") then no announcement.
2. The ASX is pretty strict on any price sensitive announcement being based on committed revenue. i.e. the contract WILL result in actual quantifiable sales to BRN in a reasonable time frame. The problem with license agreements is that it is dependent on the customer's ability to complete R&D and then market the product. That could be years. The revenue only starts flowing back to BRN when the customer's product hits the market. A lot could go wrong between when the license deal is signed and when the product hits the market, including the customer abandoning the product.

The Mercedes deal is a good example of why the ASX is strict on such announcements. The BRN share price hit a record high off the back of that news and here we are, years later, and no revenue. Mercedes are still fine tuning it and I believe it has only been used in concept cars.

I think I got all that right, I write this from memory. Don't have time to check the facts.

DYOR