Israeli memory chip developer Weebit Nano Ltd (ASX:WBT), traded on the Australian Securities Exchange, has raised A$60 million (US$40 million) in an equity offering. The offering was priced at A$5 per share, and took place in two stages: a A$45 million placement with institutional investors and a A$15 million offering to existing shareholders in the company, which was oversubscribed. Investors in the offering were from Australia, Israel, and other countries.
The share price in previous offerings by Weebit Nano was A$0.28 in July 2020, A$1.70 in November 2020, and A$2.84 in November 2021.
The company says that the offering will fund the transfer and qualification of Weebit Nano’s ReRAM to new Tier-1 fabs and foundries, and support further technology development within the embedded and discrete memory markets.
Weebit Nano CEO Coby Hanoch said, "The funds raised ensure we are well-positioned to capitalize on significant demand in the NVM market, progressing our commercial roll-out with leading fabs, foundries and potential customers. Weebit’s proven embedded ReRAM is ideal for more advanced applications and process nodes, offering a faster, lower cost, more energy efficient and more environmentally friendly NVM solution than both incumbent and emerging technologies.
"Our first ReRAM Module is already available in US fab SkyWater Technology’s 130nm process, and we have demonstrated the ability to scale down to 22nm. These achievements, combined with our industrial qualification data, are supporting our discussions with the majority of the world’s leading fabs and integrated device manufacturers."
Weebit Nano’s Resistive RAM (ReRAM) provides higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence.
Published by Globes, Israel business news - en.globes.co.il - on April 24, 2023.
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