- Tech company Weebit Nano (WBT) has raised $12 million to support commercialisation and accelerate research and development
- The placement to new and existing sophisticated and institutional investors is part of an overall $15 million capital raise
- The remaining $3 million will come via a share purchase plan (SPP)
- The company aims to strengthen its sales team and increase marketing activities in the embedded memory sector in preparation for product launch
- The money will also speed up the next phase of tech development, with focus on product design and upgrades, as well as partnerships with fabricators
- Weebit Nano is down 3.54 per cent, trading at $2.18 per share
Tech company Weebit Nano (WBT) has raised $12 million to support commercialisation and accelerate research and development.
The raise
The placement to new and existing sophisticated and institutional investors is part of an overall $15 million capital raise.
Overall, the $1.70-per-share issue price represents a 24.8 per cent discount to the last closing price on November 20, and a 20.3 per cent discount to the 10-day volume-weighted average price. The placement didn’t require shareholder approval.
Meanwhile, the remaining $3 million targeted under the capital raise will come via a share purchase plan (SPP).
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares.
While WBT did conduct an SPP over June and July, shareholders who participated in that SPP can still participate in the upcoming raise under ASX rules.
Final details of the SPP will be released next week, and the offer is expected to close on Tuesday, December 15.
The spend
Weebit will use the funds to accelerate its commercialisation and tech development strategies.
The company aims to strengthen its sales team and increase marketing activities in the embedded memory sector in preparation for product launch.
The money will also speed up the next phase of tech development, with focus on product design and upgrades, as well as partnerships with fabricators.
The costs of the raise and general working capital will also be covered.
Weebit Nano CEO Coby Hanoch says the money raised will allow the company to get to market ahead of schedule.
“After successfully completing our technology stabilisation process and recently broadening our strategic partnership with CEA-Leti, we are very excited to be in the final stages of pre-commercialisation and to be able to further accelerate key development and commercialisation activities across the embedded and standalone memory domains, as well as the neuromorphic domain,” Coby said.
“We see huge potential for Weebit Nano’s technology in these very attractive markets. This Placement allows us to bring forward growth initiatives that were planned for one to two years’ time, supporting our ability to deliver on the attractive opportunities we see for the company,” he added.
Weebit Nano is down 3.54 per cent, trading at $2.18 per share at 11:00 am AEDT.