Australia's BrainChip tumbles on discounted capital raise

Brainchip Holdings

25/07/2024 04:31

** Shares of BrainChip Holdings  BRN.AX  fall as much as
7.5% to A$0.185, their lowest since Feb. 6
    ** Stock posts its biggest intraday percentage decline since
June 24
    ** AI chip designer announces capital raising of A$25 mln 
($16.38 mln) at  A$0.193 per share
    ** Issue price represents a 3.5% discount on co's last close
    ** Says funds will be used for commercialisation of its
'Akida 2.0' chip technology, among others
    ** Stock trims YTD gains to 8.8%, including session's moves

($1 = 1.5267 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))