Before you read this,can I just ask you to consider that we...

Before you read this,can I just ask you to consider that we might have our differences on thisforum — some of us get labelled as “uprampers,” others as “downrampers” — butwe’re all here for the same reason: we’ve invested in BrainChip with the hopeof generating a return on that investment. That’s the common ground.

Haveyou taken the time to reflect on why you initially invested in BrainChip — andhow that journey has unfolded for you?

I’ve been thinking about it a lot lately. Not just how it’s affectedme financially, but how it’s impacted conversations with family and friends —people I’ve encouraged to look at BrainChip, and consider whether this companycould be a worthwhile investment. That carries weight, especially when theoutcomes are mixed.

I’ve been here since around the time of the reverse takeover intoAziana — close to ten years now. Like many of you, I’ve ridden every waveimaginable. I’ve seen the price hit $2.34 and collapse back to just a fewcents. I’ve felt the thrill of possibility and the deep frustration that comeswhen that potential isn’t realised.

What’s kept me here? It’s the belief in the technology. Akida — andnow Tenns — have potential to be game-changers in neuromorphic edge AI. Attimes, it’s felt obvious that BrainChip could be snapped up by a larger,well-resourced tech company. That sense of being on the cusp of something hugehas never quite gone away.

Along the way, I’ve had some contact with management. On occasion,I've been told things — without prompting — that convinced me to stay thecourse. Maybe you’ve experienced the same: being pulled back in by hope, bypotential, by the recurring narrative that commercialisation is close, that theinflection point is near, that hockey stick growth is just around the corner.

But while I still believe in the underlying tech — and I do remainhopeful — there are some big buts. And for me, they mostly revolve aroundmanagement and how the company is being run.

Theunfortunate reality is that, because the company has a poor track record oftimely, detailed disclosures via the ASX — the channel Australian investorsexpect and rely on — we’re often left trying to piece things togetherourselves. We scour the internet, trawl through forums, track mentionsand likes on X, LinkedIn, and other platforms, just to figure outwhere things stand. That’s second-rate. And frankly, it’s unacceptable for anycompany that wants to be taken seriously by its investor base.

Sean Hehir is the latest in a line of CEOs that we were told wouldbring execution, focus, and commercial discipline. He took the helm at the endof 2021 and has now presented at three AGMs. His initial appearance wasenergetic and confident — he told us to judge him on financials and impliedthat growth was close. But then came silence. No meaningful investorengagement. No evident traction. Just more AGMs where more promises were made.I expected more from someone who markets himself as a high-growth salesoperator. Instead, I was left wondering if he had done any real due diligencebefore accepting the role. Several years on, we still hear the same refrains —growth is coming, commercialisation is close — yet we see no clear evidence ofit.

Antonio Viana is another senior figure with a strong CV — includingtime at ARM in sales and marketing. He’s also made bold claims: that investorrelations is a priority, that one deal could make us profitable overnight, thathe and Sean can access any tech company in California. But again, where is thetraction? Where is the delivery? Perhaps most telling was his comment: “Theshare price will do what the share price will do.” For a chairman to be soflippant about something shareholders care deeply about — their investment — isdeeply disappointing. Do they actually understand why we’re here? Thatshareholders expect a return, not just words?

And then Peter van der Made — the founder and inventor of Akida.Nothing can be taken away from him on the technology side. But his influenceover the company, by virtue of his shareholding and standing, is too influential.His historical disagreements with Steve Liebeskind would appear to be the keyreason why Steve’s nomination as a non-executive director may not get up. Ibelieve that this is not in shareholders’ interests. I see that Steve has thecapability, insight, and independence the board desperately needs — and yethe’s being potentially sidelined due to old professional differences.

I am left wondering if we truly had a board with some independencewhether we would be witness to some of the past events that have led to asecond strike and a redomicile announcement without shareholder engagement.Just to name two issues.

The board and key management personnel continue to be outrageouslywell rewarded, even as commercial progress stalls and shareholders shoulder theburden. The disconnect is growing — and the arrogance in response toshareholder concerns is hard to ignore.

So where do we go from here?

It’s time for change — not just at the margins, but in mindset, incommunication, and in accountability. The board must stop putting itself aboveshareholders and start listening. Really listening.

The bulk of shareholders are here in Australia — not in the US, notin Europe. Here. We’ve carried this company through its long development cycle.We’ve shown patience. We’ve believed in the vision. Now it’s time for thattrust to be repaid — with action, not words.

Stop telling us you’ll fix things “soon.” Fix them now.

Start by showing respect. Don’t drop bombshell announcements like aredomicile proposal without proper consultation. It’s dismissive. It’sdestabilising. And above all, it undermines the company’s ability to executecommercially — at the very time it should be showing strength, clarity andconsistency.

Go out and deliver commercial success. Show us that Akida and Tennscan become embedded in real products, in real systems, with real revenue behindthem. The time for excuses has passed. If the technology is as strong as we'veall believed, then prove it — with results.

Then come back to usabout a redomicile. Do things right!

Enough talk. It’s time for this company to grow up and act like itunderstands the responsibility that comes with being listed, invested in, andsupported — for years — by ordinary Australians.

So what is one to do?

Tell the company where you stand. Don’t let them just keep movingdown the same path as if everything is fine. If you’re disappointed, say so.Let them know. Because let’s be honest — even the company itself hasacknowledged that things aren’t where they should be.

What’s the definition of insanity? Doing the same thing over andover again and expecting a different result.

Vote at this AGM. Vote your own way. But for the sake of yourinvestment — at least vote.