ASX Tech Stocks: BrainChip up 20pc off the back of capital call
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The AI chip developer was up 21.1% in early morning trade today.
The company announced a new capital call notice under its continuing agreement with LDA capital to subscribe for up to 15m shares.
The first pricing period will be 90% of the higher of the average daily VWAP of shares over the pricing period and will extend until the 2021 deferred obligation of $5.3m is priced.
The second pricing period will be 91.5% of the higher of the average daily VWAP of shares over the pricing period – and is intended to price all remaining shares with an ending date of 25 February 2022.
“The proceeds raised from the capital call will be used to expand our go-to-market capabilities as we move the company aggressively into the commercialisation phase,” BrainChip CEO Sean Hehir said.
“The company will also accelerate our continuous innovation of the groundbreaking Akida technology to ensure we remain the industry leaders in Edge AI.”
The available funding under the agreement is $50.3m, and BRN is committed to drawing down a minimum of $35.3m no later than 31 December 2023.
Mobile game developer iCandy (ASX:ICI) was up 6.9%, off the back of news it had signed a binding term sheet to acquire a 60% shareholding in Gameconomy – 30% enlarged shareholding in the company plus 30% from management – for consideration of A$497,297.
Gameconomy is a boutique gaming software firm specialising in gaming technology, related to real-time in-game analytics and player-versus-player (PVP) gaming mechanics.
And with the help of iCandy’s resource, Gameconomy is planning launch a new Metaverse-related PVP game in the first half of 2022.
The company says the acquisition will “significantly augment” its software engineering and technology capabilities in its objectives to develop extensive game titles for the metaverse – in line with its vision post-acquisition of Lemon Sky Studios.