The Brainchip Holdings Ltd (ASX: BRN) share price has floundered for a couple of years despite unrelenting hype from speculators on message boards.

The semiconductor company has failed to find a meaningful buyer for its technology and has burned through cash like kindling for umpteen years while paying big bucks to its management team.

For example, its full year results release yesterday showed that it generated revenue of just US$398,000 during 2024. This is less than what some cafes pull in. But importantly, those cafes do not spend US$24.4 million to get those sales.

Despite this abject performance year after year and the incredibily intense competition from companies spending billions on R&D each year, (compared to US$7.7 million from Brainchip), the company somehow commands a market capitalisation of $500 million at the time of writing.

Is it game over for the Brainchip share price?

It sure could be.

While if there were one ASX stock I would bet on going to zero one day, that isn't the reason it could be game over for the Brainchip share price as we know it.

The real reason is that the company has announced its intention to investigate redomiciling from Australia to the United States in order to pursue a listing on a US-based securities exchange.

Management notes that should the company decide to formally pursue redomiciling, a scheme of arrangement between Brainchip and its shareholders would be proposed within the next few months. This would be subject to shareholder and Australian court approval.

If all goes to plan, Brainchip would expect to redomicile by late 2025 or early 2026.

What does this mean?

As part of the process, Brainchip advised that it would seek to delist its shares from quotation on the Australian share market.

Though, it would ensure that existing shareholders continue to hold shares listed on the US exchange, equivalent in value to their existing ASX listed stock.

But the 12,000+ shareholders holding less than $500 of shares would likely be offered a facility through which to sell their shares in the new US parent company upon completion of the redomiciliation.

Commenting on the plan, Brainchip's chair, Antonio J. Viana, said:

The decision to explore a US listing was taken after considerable reflection and subject to rigorous Board debate and evaluation. The Board unanimously believes this strategic decision is in the best interests of our shareholders, our employees, our partners and our existing and future licensees. It will elevate BrainChip's value and profile on the world's largest, most dynamic and technology-focused investment market.

In the event we move forward with redomiciling, I want to reassure our valued shareholders, the vast majority of whom are Australian retail investors, they will be able to buy, hold and sell shares of our new US parent company without restrictions once the US listing has taken effect. I am confident this strategic decision is in the best interests and will be a catalyst for value, appreciation, and continued growth for our Company.

In light of this, the end could be nigh for the Brainchip share price, at least on the Australian share market.