BRN Discussion Ongoing

[Guzzi62]

I have to disagree with the idea that this AGM is our last real opportunity to make our views known. Shareholders aren’t powerless or voiceless between AGMs. If you want to understand what the board is going to do over the next 12 months, just ask the hard questions about the last 12. Their track record is usually a solid indicator.

Let’s not pretend the timing of the redomicile announcement is accidental. It’s been in the works for months, and now right before the AGM and conveniently after a poor 12-month performance it finally gets released. That’s not transparency… that’s strategy.

This isn’t about open exchanges or selling us on the idea.
It’s about control and narrative management.
And I call BS.

Nope, thumps down.

There will be time discussing status of IP deals or lack thereof, don't you worry about that!

 

[MDhere]

Thanks FJ,

Judging by what happened to edge AI chip startup Blaize after it listed on NASDAQ via a merger with the SPAC BurTech in January 2025, my vote on redomiciling would be an unequivocal "no".

That is, unless a number of key licenses were suddenly signed, large amounts of revenue started appearing out of nowhere, or a well-known cornerstone investor, like Arm, stepped in to back us. Otherwise, it would be a resounding "no" from me.

To put it into perspective, at the time of the merger, Blaize was valued at an implied enterprise value of approximately $894 million, with shares priced at $10.00 each. However, by April 2025, the share price had declined to around $2.51, representing a loss of nearly 75% from the initial listing price.

The anticipated benefits of going public did not materialize for Blaize as expected and consequently the shareholders who invested at the time of the listing have faced significant losses.

Given how we are tracking currently, pursuing a similar path would be nothing short of self-sabotage IMO.

I'm with you on this one Bravo but Blaize did rise to about $15 before crashing.
However with Brainchip well I "think" we are in a good position which is the "early in" position.

With some brains on the part of the board before we enter nasdaq we will be past the all time high of lousy $2.34 ( might be a few cents out).


That was the board has regained respect of all current shareholders again and the early in shareholders can then debate in their own minds what they want to do with that outcome prior to the jump into the nasdaq.

At that price $2.34 it will still be a split to get it to the $4 usa dollar mark but at least its a price that early in shareholders can stomach, in my view nothing less.

I'm optimistic that the board is well aware of the patience and turmoil of NDA bullshit (pardon the French) but now the board need to get a grip of what all this NDA AND price fluctuations because of Mercedes has done do many genuine holders who believe all the the board dishes out.


Ok my rant over but essentially in a nutshell im with u lol being in at least $2.34 to bring things back into a bit of when ground and perspective of promise.

 

[JoMo68]

Hey


I did get a response from Lou below and I’ve also asked him his thoughts on moving to the US with the SP at its current price and why the board would not want Steven Liebeskind elected as a director. Not expecting a response, but you never know.

I’ve not yet had any response from Lou.

 

[Pom down under]

I’ve not yet had any response from Lou.

I did and it was very informative

 

[Bravo]

Ummm... ChatGPT reckons that regulatory scrutiny would actually be higher if BrainChip redomiciled to the U.S.!

It states:

“Regulatory Scrutiny: SEC filings are stricter; BrainChip may be forced to disclose more detailed financials and pipeline info, which could backfire if weak.”

But hang on a minute—wasn’t one of the key justifications for redomiciling the need to escape the burdens of ASX disclosure rules?

Something doesn’t quite add up. Either the company wants less scrutiny or it’s walking straight into more of it...

Question : BrainChip is considering redomiciling to the US. The share price is currently 25 cents and there has been very little traction in relation to the signing of new licences and the emergence of any decent revenue. Is it likely that BrainChip would confront a similar fate to Blaize with their disappointing experience listing on the NASDAQ?



Chat GPT's Answer: Given BrainChip's current circumstances—a low share price (25 cents), minimal revenue traction, and few new license agreements—a redomicile to the U.S. could indeed expose it to risks similar to those faced by Blaize, which suffered a 75% share price drop within months of its NASDAQ debut via SPAC.


Here’s a breakdown of how the two situations compare and why BrainChip might risk a similar fate if it proceeds without first strengthening fundamentals:

---

BrainChip vs Blaize – Risk Comparison​

Factor	BrainChip (Now)	Blaize (at NASDAQ Listing)
Share Price	$0.25 AUD (~$0.17 USD)	$10.00 USD at listing
Revenue	Minimal, with no clear breakout revenue reported	~$2M TTM, net loss >$70M
Licensing Traction	Sparse updates on commercial deals	Entered market with limited commercial success
Investor Confidence	Waning, due to lack of visibility and delivery	High at listing, quickly eroded
Valuation Expectations	Unclear, likely difficult to justify high valuation in U.S.	Valued at $894M, now down sharply
Market Conditions	Still cautious around deep tech unless backed by revenue	Similar post-SPAC fatigue and skepticism

---

Key Risks of Redomiciling Now​

• Dilution Risk: A U.S. listing could involve raising capital at low valuation, diluting existing shareholders.
• Visibility ≠ Value: Without revenue, a U.S. move would only shine a brighter light on BrainChip's lack of commercial traction.
• Regulatory Scrutiny: SEC filings are stricter; BrainChip may be forced to disclose more detailed financials and pipeline info, which could backfire if weak.
• Investor Sentiment: NASDAQ investors are unforgiving if results don’t materialize quickly. A poor debut could destroy confidence permanently.

---

When Redomiciling Could Make Sense​

• Signing multiple commercial licenses with global players.
• Demonstrating repeatable revenue and clear growth trajectory.
• Securing a credible cornerstone U.S. investor (e.g., Arm, Qualcomm).
• Showing robust customer pipeline metrics and use-case adoption.

---

Conclusion​

Unless BrainChip significantly strengthens its commercial foundation—first—then redomiciling to the U.S. risks repeating Blaize’s trajectory: high expectations, low delivery, and a rapid erosion of shareholder value.

 

[7für7]

I did and it was very informative

Then enlighten us with your insider knowledge—to either calm our minds or stir them up even more, depending on the case…

 

[Pom down under]

Then enlighten us with your insider knowledge—to either calm our minds or stir them up even more, depending on the case…

I ask Lou if I could post his response and he responded with those 4 words. Which made no sense to me, so until I know I can then I won’t and why’s it insider’s knowledge? As Lou is just a share holder like the rest of us.

 

[manny100]

One thing someone at the AGM should ask is managements definition of the word bookings, The statement that we expect higher bookings in 2025.
Think shareholders should know it does,nt mean,IP Licences, Revenue,Sales,Contracts. It means at trade shows talking to parties that’s it, that is what we pay them there generous bonuses for, the same shit they have done the last six years all talk no action. All these partnerships are a way of hiding the fact nobody wants to buy a IP Licence and pay upfront we are giving our IP away in the hope it may result in a saleable item. If it’s not the case then where the fuck is all the revenue from all the items we are supposedly using it in space. Glad I brought a engineering business not!

"last 6 years all talk no action."
They only went fully commercial less than 3 and a half years ago.

 

[7für7]

I ask Lou if I could post his response and he responded with those 4 words. Which made no sense to me, so until I know I can then I won’t and why’s it insider’s knowledge? As Lou is just a share holder like the rest of us.

Insider knowledge refers to you, because you seem to know something we don’t… And why would he post two contradictory messages in the most hostile forum, and then, when it comes to his supposed reply—which is supposedly informative—it suddenly can’t be shared? That makes even less sense to me.

 

[HopalongPetrovski]

I have to disagree with the idea that this AGM is our last real opportunity to make our views known. Shareholders aren’t powerless or voiceless between AGMs. If you want to understand what the board is going to do over the next 12 months, just ask the hard questions about the last 12. Their track record is usually a solid indicator.

Let’s not pretend the timing of the redomicile announcement is accidental. It’s been in the works for months, and now right before the AGM and conveniently after a poor 12-month performance it finally gets released. That’s not transparency… that’s strategy.

This isn’t about open exchanges or selling us on the idea.
It’s about control and narrative management.
And I call BS.

If it is not discussed at this AGM and yet is proposed to be done before the next, when exactly is the opportunity for ordinary shareholders to have any input and engage in an exchange of views with the board?

 

[HopalongPetrovski]

I ask Lou if I could post his response and he responded with those 4 words. Which made no sense to me, so until I know I can then I won’t and why’s it insider’s knowledge? As Lou is just a share holder like the rest of us.

Hi Pom.
So are you now convinced 100% that it was the real Lou DiNardo who made those posts on the crapper?
Whoever made them was clear enough on their opinions.
The controversy is around if it was actually Lou or someone impersonating him.

 

[Pom down under]

Hi Pom.
So are you now convinced 100% that it was the real Lou DiNardo who made those posts on the crapper?
Whoever made them was clear enough on their opinions.
The controversy is around if it was actually Lou or someone impersonating him.

From the response I got 110% and @TECH confirmed it was his email

 

[7für7]

This topic is getting more and more ridiculous… Just like in kindergarten… “The teacher told me a secret… but I’m not allowed to tell you!” “Which teacher?”
“Mhhhmmmm I can’t tell you ”

 

[Guzzi62]

One thing someone at the AGM should ask is managements definition of the word bookings, The statement that we expect higher bookings in 2025.
Think shareholders should know it does,nt mean,IP Licences, Revenue,Sales,Contracts. It means at trade shows talking to parties that’s it, that is what we pay them there generous bonuses for, the same shit they have done the last six years all talk no action. All these partnerships are a way of hiding the fact nobody wants to buy a IP Licence and pay upfront we are giving our IP away in the hope it may result in a saleable item. If it’s not the case then where the fuck is all the revenue from all the items we are supposedly using it in space. Glad I brought a engineering business not!

Tom& Jerry,

IP deals starts with partnerships, that's not that hard to understand, is it?

Smaller companies don't have money for paying for an IP license, so they typically pay more per chip than a company buying an IP.

You and your fellow downrampers keep on harping about the timeline, but you guys seems to forget we are only about 3.5 years into Sean's 5-year plan!
The BoD knows exactly what's going on, and they will already now have a good picture of how his plan is unfolding.
I expect we will know more next week, stay tuned!

Sadly, getting rich quickly didn't pan out for you, maybe try crypto?

 

[TheDrooben]

Exciting news from Chelpis! | Ming Chih

Exciting news from Chelpis! We are proud to announce our strategic collaboration with BrainChip and 盟立自動化股份有限公司 Mirle Automation Corporation to develop a next-generation security solution for industrial robotics. This partnership marks a key milestone in our mission to build a Post-Quantum...

www.linkedin.com

Happy as Larry

 

[manny100]

For perspective another example of the lenghty timeframes to closure.
Renesas took out licence in Dec'20.
Renesas announced it was taping out the chip in Dec'22.
It was likely around Mid 2023 before they received and completed testing the production chip.
That is only around 2 years ago.
Their clients would then perform their own testing before they released it to the public in products.
If Reneses clients are using it for non regulated products we may start seeing results very late this year or next year.
For regulated products eg some health or auto safety add around a couple of years.

 

[HopalongPetrovski]

From the response I got 110% and @TECH confirmed it was his email

Thanks for your response.
But as someone pointed out, that email address and a number of other corroborations were previously disclosed publicly.
I applaud your honouring his confidentiality but it leaves me not much the wiser.
Anyway, as you say, and I have also pointed out, Lou is just a shareholder like the rest of us and certainly entitled to an opinion.
It seems whoever "Loudin" is has stopped posting now and that thread has just turned into another typical crapper crapfest

 

[Bravo]

Another post, another cue,
And once again, it's signed by Lou.

Now the forum's split in two,
Some say “fake,” some swear “true,”

Threads begin without a clue,
Pom declares" I don't give a screw".

But seriously - was that really Lou?
Or was it me? Or maybe you?

The tale unfolded, the madness grew,
'Till no-one knew who was who.

 

[Pom down under]

Thanks for your response.
But as someone pointed out, that email address and a number of other corroborations were previously disclosed publicly.
I applaud your honouring his confidentiality but it leaves me not much the wiser.
Anyway, as you say, and I have also pointed out, Lou is just a shareholder like the rest of us and certainly entitled to an opinion.
It seems whoever "Loudin" is has stopped posting now and that thread has just turned into another typical crapper crapfest

I apologized for me email to him thinking it was someone else and he responded

 

[jrp173]

why does a share consolidation hurt shareholders. pie is still the same size.

The pie may still be the same in terms of $value at listing, however you need to consider the price movement (both up and down) after listing.

Just as an example, but using today share price of 25c, moving to Nasdaq where a share price of $4USD is required, it would be a 25:1 consolidation.

Following the proposed 25:1 share consolidation as part of the transition from the ASX to the Nasdaq, every 25 shares you currently hold will be consolidated into 1 new share. This means the Nasdaq share price will be higher to reflect the smaller number of shares on issue. However, one key risk to consider is that after the consolidation, a 1 cent AUD movement in the original ASX share price would equate to approximately a 16 cent USD movement in the Nasdaq share price (based on an exchange rate of 65 cents AUD to USD).

As a result, the share price on Nasdaq will need to move in much larger increments to deliver the same relative gains you may be used to on the ASX. This reduced price granularity may impact liquidity and increase volatility, making it harder to achieve small, incremental gains — and potentially amplifying both upside and downside price movements.

So being fair, the price movement in the above example will have a much "sharper" affect on your shareholding value (both in terms of share price increase and decrease...

A move to Nasdaq does not guarantee a re-rating as BRN talked about in their price sensitive announcement to shareholders.