BrainChip Holdings, once a market favourite, has successfully closed its Share Purchase Plan (SPP), raising $2.976 million. This figure surpasses the company’s initial target of $2 million. BrainChip develops software and hardware accelerated solutions for advanced artificial intelligence and machine learning applications. Its Akida technology is a neural networking processor that brings AI to edge devices.
The SPP follows a recently completed $35 million institutional placement, priced at 17.5¢ per share. The additional funds from the SPP are expected to bolster the company’s financial position as it continues to develop and commercialise its Akida technology. The company is aiming to become a leader in edge AI computing.
BrainChip has announced that the allotment of all SPP shares will occur on December 8. Holding statements will be issued to investors on the same day, and trading of the new shares is scheduled to commence concurrently. This rapid timeline aims to swiftly integrate the new capital into the company’s operations.
Shares in BrainChip last traded at 18¢. The company experienced a significant surge in its share price in 2022, reaching almost $2 per share amidst the early excitement surrounding artificial intelligence technologies. However, the share price has since retreated from those highs.
