Australia's Brainchip Holdings set for worst week since mid-March

Brainchip Holdings

26/05/2023 03:44

** Shares of Brainchip Holdings  BRN.AX  are down over 10%
this week, on track for their biggest weekly decline since
mid-March
    ** Earlier this week, BRN received a first strike against
its remuneration report; another consecutive rejection of the
pay plan could lead to a call for ousting the board
    ** Under Australian rules, a remuneration report will not be
adopted if it is rejected by more than a quarter of shareholders
    ** BRN's pay report received only 47.43% votes in favour at
the annual general meeting on Tuesday
    ** Shares clawed back some gains on Thursday; they extended
gains by 3.7% to A$0.42 on Friday
    ** Stock down 45.6% this year, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))