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Listed tech company advised on access to new financing

ASX-listed global AI technology company BrainChip Holdings has been advised on its agreement with a US-based investment group to access up to $29 million in new financing.

user icon Reporter 21 August 2020 Big Law
Listed tech company advised on access to new financing
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Firm: Maddocks (BrainChip Holdings Limited).

Deal: The put option agreement will see investment group LDA Capital provide up to $29 million of committed equity capital to BrainChip over the next 12 months, with the option for it to be extended for a further 12 months.

Value: Up to $29 million.

Area: Equity capital markets.

Key players: The Maddocks team consisted of partner Catherine Merity and special counsel Rosamond Sayer.

Deal significance: The capital raised, Maddocks said, “will be applied towards the commercialisation of [BrainChip’s groundbreaking] Akida artificial intelligence technology”.

It is the second time in 12 months that Maddocks has advised Brainchip on a capital raising, having advised last year on the company’s $6.7 million capital raising by way of an accelerated non-renounceable entitlement offer and on a US$2.565 million convertible note investment.

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