The Redomicile Fiasco – How Did We Get Here?
In February, Brainchip made a formal ASX announcement stating it was evaluating a redomicile to the United States.
Not just as a possibility, but as a strategic path to unlock shareholder value.
Here’s what the company told the market;
1.The US offered access to a larger, more sophisticated pool of AI and tech investors
2.A US listing could trigger positive revaluation and attract new institutional capital
3.SEC disclosure laws would offer better protection of commercially sensitive info under NDAs
4.Delisting from the ASX would reduce cost and regulatory burden
The Board said, in writing, that a sole US listing was “in the best interests of shareholders.”
Then the narrative started to shift. A few months later, the Chairman publicly contradicted the ASX statement, denying that redomiciling to the US was being considered, and instead saying they were exploring Europe or 'other options' . Yet no clarification or correction was ever released through the ASX, not even after that bizarre AGM, where shareholders were left more confused than informed.
And now, five months later, the company quietly drops a line into its latest quarterly report
“The Board has made the decision that shareholder value is best achieved by remaining listed on the ASX.”
No formal announcement. No explanation of what changed. Just a backflip in a routine filing.
So how do you reconcile those positions?
How does a strategy that was supposed to unlock long term value just disappear?
If the US advantages were real in February, when exactly did they stop being relevant?
Because the quarterly claims the board made its decision “after extensive review”, but it never actually explains what changed;
•Did US investor access no longer matter?
•Did the legal advice shift?
•Was there a new risk uncovered?
•Did shareholder support collapse?
There’s no detail. No transparency. Just a quiet reversal and a hope that no one would ask the obvious questions.
IMO, dyor
(20min delay)