I've spent some time this afternoon taking a look at the ASX listing rules to reinforce my understanding and to apply it to Brainchip. Many of us express our misgivings we have with the company in relation to Investor Relations and also dwell on the promises made over the last few years about improving this aspect of the business.
It’s worth remembering that the ASX doesn’t discourage regular updates from listed companies. In fact, it encourages companies to use the platform to release information that might not be strictly market-sensitive but could still be of interest to investors, analysts and the media.
This is set out in Listing Rule 3.17 and also supported by Guidance Note 8 on Continuous Disclosure. ASX makes it quite clear that companies should err on the side of caution and provide timely updates about their activities, developments, and progress—even if the information doesn’t trigger a formal obligation under rule 3.1.
ASX goes so far as to suggest that companies should consider releasing this sort of information proactively. This includes things like R&D progress, technology demos, third-party validations, or the showcasing of products at industry events. All of these are commonly announced by other tech companies on the ASX. Yet Brainchip continues to bypass these opportunities.
There hasn’t even been an ASX announcement about the Akida 2.0 FPGA demo, despite it being shown at a trade show and reportedly generating customer interest. Similarly, there’s been no release about the Bascom Hunter card, which openly promotes Akida’s performance in five high-end use cases. These are public achievements and would, in any other company, be communicated through the market.
This raises broader concerns. It’s not just about IR competence—it's about whether the board understands its disclosure responsibilities under ASX rules and the importance of engaging transparently with the investor base.
So why isn’t our board acting in accordance with what the ASX stipulates as best practice for its participant companies?
(20min delay)