Australian-listed memory tech company Weebit Nano (ASX:WBT) has raised A$45 million via a fully underwritten institutional placement at A$5 per share. The placement will fund the commercial roll-out of Weebit Nano’s ReRAM technology and further development to solidify its competitive advantages in both the embedded and discrete markets.
The company said funds raised will enable it to capitalise on significant opportunities within the Non-Volatile Memory (NVM) market, as it progresses its commercialisation strategy with leading global foundries and potential customers.
Weebit’s ReRAM technology has been proven to be faster, more energy-efficient, and more environmentally friendly compared to existing flash technology and other emerging NVM technologies. Additionally, it is priced at a lower cost, making it a more viable choice for various applications.
The company’s embedded ReRAM technology will initially be offered through U.S. fab SkyWater Technology’s 130nm process, suitable for IoT, medical, and aerospace applications.
Commenting on the successful placement, Weebit Nano CEO Coby Hanoch said: “The strong level of support shown by new and existing sophisticated and institutional investors in Australia and offshore reflects our technical progress over the past year and the significant market opportunities for our proven innovative memory technology. We are delighted to welcome new institutional investors to our register from Australia and offshore, and take great pride that these experienced technology investors are supporting Weebit’s ground-breaking technology.”
“Our first ReRAM product is now available to customers through SkyWater Technology, and we are in advanced discussions with most of the world’s leading fabs and integrated device manufacturers. Funds raised, combined with our strong balance sheet of approximately $45 million cash at the end of December 2022, ensure we are well-placed to transfer and qualify our ReRAM technology in Tier-1 fabs and foundries to capitalise on the growing global need for faster, better performing memory technology. Our ReRAM has already demonstrated it is able to scale to smaller geometries for more advanced applications, and has significant competitive advantages over both the existing memory technology and other emerging players.”
“As we have done with all previous raisings, the Board wanted to ensure that retail shareholders, who have been extremely loyal and supportive as the Company has executed its growth strategy, had an opportunity to invest on the same terms as the placement. The share purchase plan we are undertaking will provide that opportunity to these existing shareholders of Weebit Nano.”
