BrainChip Holdings' Put Option Agreement With LDA Capital Expires; Shares Down 8%
MT Newswires Live
Jul 24
BrainChip Holdings (ASX:BRN) said its put option agreement with LDA Capital expired on June 30, ending the company's access to a flexible capital management facility, according to a Friday filing with the Australian bourse.
LDA Capital sold nearly 7 million BrainChip collateral shares it held as part of the facility arrangements to satisfy an outstanding AU$1 million failure fee linked to the agreement, per the filing.
LDA continues to hold about 6 million collateral shares, which it plans to liquidate in an orderly manner over the coming weeks. The net proceeds from those sales, minus LDA's standard 8.5% fee, will be remitted to BrainChip, the company said.
BrainChip shares fell 8% in recent Friday trade.
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