Blaize, Inc. has resolved a dispute with Bess Ventures and Advisory LLC by issuing 2,000,000 shares of common stock. The agreement settles disagreements relating to a letter agreement dated February 15, 2024. This resolution impacts the company's share capital and involves a related party transaction, as Bess Ventures is managed by Lane M. Bess, chair of the Blaize Board of Directors.

Settlement Terms

Under the Settlement Agreement, Blaize will issue 2,000,000 shares of Common Stock with a par value of $0.0001 per share to Bess Ventures. In exchange, the parties agreed to mutual releases of claims arising from the prior disagreements. The agreement also includes customary confidentiality provisions to govern the terms of the settlement.

Board Approval and Disclosure

The Board of Directors reviewed the material facts regarding the Settlement Agreement. Notably, Mr. Bess’s interest as the owner-manager of Bess Ventures was disclosed to the Board prior to the vote. The Board, including all disinterested members, approved Blaize’s entry into the agreement and the issuance of the Settlement Shares.

Blaize Holdings, Inc. and SPHERE AX have signed a strategic memorandum of understanding (MOU) to pursue the joint development and commercialization of AI semiconductor-based products. The collaboration aims to leverage Blaize's AI semiconductor technology, optimized for physical AI, and SPHERE AX's core software expertise, including its vision AI, to target the global market. This partnership intends to establish a leading position in the global Physical AI market by combining Blaize's programmable AI platform with SPHERE AX's proprietary AI video analytics technology.

The signing ceremony took place on June 24, 2026, at the National Assembly prior to the "Policy Roundtable for Korea-U.S. Physical AI Cooperation and the Creation of an AI Industry Innovation Ecosystem." This event coincided with discussions on strengthening the national competitiveness of the AI semiconductor industry and expanding global technology cooperation. The ceremony was attended by key executives, including Stephen Patak, CRO of Blaize, and Yunha Park, CEO of SPHERE AX.

Through this cooperation, the companies intend to establish a collaborative framework encompassing joint research and development in Edge AI Computing, commercialization of AI semiconductor-based solutions, and business development opportunities across target industries. The partnership also includes joint business development for domestic and overseas customers. A key objective is to build a Korea-based AI product that connects overseas core semiconductor technology with domestic productization for global supply.

The jointly developed solution is expected to be applied across various sectors, including smart cities, smart factories, industrial safety, security, robotics, and mobility. This initiative represents a significant step in Korea-U.S. cooperation within the physical AI sector. The partners plan to work toward establishing an AI semiconductor-based product development and production system in Korea.

Yunha Park, CEO of SPHERE AX, stated that this cooperation will be the first step toward developing and producing actual commercial AI products in Korea based on globally competitive AI semiconductor technology. Dinakar Munagala, CEO of Blaize, highlighted Korea's strategic importance as a market combining global technology leadership with the speed to bring new AI solutions to market. Both companies intend to build their collaboration over the long term to strengthen Korea's AI industry competitiveness and expand the global supply chain.