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BrainChip share price falls 4% on market update

Motley Fool Staff
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The share price of Brainchip Holdings Ltd (ASX: BRN) has fallen 4% in response to a market update. 

The advanced neural networking processor company went into a trading halt yesterday and today it informed the market why it did so.

BrainChip will receive AU$520,000 in gross proceeds in exchange for the release of 10 million Collateral Shares which were previously issued in accordance with the Convertible Note Agreement which was announced seven months ago in June 2019. 

The company will receive the proceeds within two business days. BrainChip said that no new shares are issued as a result of this transaction. 

The balance of debt remaining on the note is US$990,000 and there are 20 million remaining collateral shares to be returned to the company (or otherwise dispositioned). 

BrainChip said it will make any further market updates when necessary in accordance with its continuous disclosure requirement. 

The post BrainChip share price falls 4% on market update appeared first on Motley Fool Australia.

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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020