Weebit Nano Ltd (ASX:WBT) has successfully completed an A$45 million fully underwritten institutional placement of nine million new fully paid ordinary shares to institutional investors at a price of A$5.00 per New Share.
Proceeds of the Offer will fund the further development and commercial roll-out of Weebit Nano’s ReRAM technology, and support further development to solidify its competitive advantages in both the embedded and discrete markets. It will enable Weebit Nano to capitalise on the significant opportunities within the Non-Volatile Memory (NVM) market as the Company progresses its commercialisation strategy with leading global foundries and potential customers.
Weebit ReRAM is faster, lower cost, more energy efficient and more environmentally friendly than existing flash technology and other emerging NVM technologies. Weebit’s proven embedded ReRAM technology will first be available in U.S. fab SkyWater Technology’s 130nm process, which is ideal for IoT, medical and aerospace applications.
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,” Nano CEO, Coby Hanoch, said.
“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.”
