AI-play BrainChip considers offshore listing options

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AI-play BrainChip considers offshore listing options

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Founder and chief technology officer of BrainChip, Peter Van Der Made, has spent more than a decade investigating how the brain works and working out how to synthesise it digitally.

• by
• Sarah Thompson
• Anthony Macdonald
• Joyce Moullakis

Listed technology company BrainChip Holdings is understood to be considering its future on the ASX-boards and a potential move to United States capital markets.
Sources told Street Talk that BrainChip, which has a $130 million market capitalisation and has developed human-like artificial intelligence technology, has US law firm Pillsbury Winthrop Shaw Pittman in its corner and was seeking Australian counsel to help consider a potential move.
Allen & Overy is believed to be the lead party jostling for the local role.
Brainchip declined to comment when contacted by Street Talk.

Sources said the company's team was considering a take-private in Australia and re-listing in the US market, to be done via a scheme of arrangement.

The California-headquartered BrainChip has crept on to the radars of small and micro cap fund managers in recent months, following the signing of some big US-based customers.
BrainChip announced on Friday that its software had been deployed at a casino in Connecticut last month, and has previously said it was in talks with other potential customers.
It says the company's proprietary Spiking Neuron Adaptive Processor (SNAP) technology can learn, recognise and track objects in real time from video camera feeds and the like.
About half of its shares are in the hands of management and former management, including founder and chief technology officer Peter van der Made, former chief executive officer Robert Mitro and chief operating officer Anil Mankar.

ASX-listed copper play Metals X also has a substantial stake.
BrainChip raised $5.4 million fresh equity via a private placement in October at 18¢ a share. Foster Stockbroking did that deal. The stock last closed at 28¢.