- Weebit Nano (WBT) raises $15 million via an upsized and scaled-back share purchase plan (SPP) to existing shareholders
- The SPP brings total funds raised to $60 million, following the recent institutional placement of $45 million
- The plan was open to 12,185 shareholders, who were able to apply for up to $30,000 in new shares at $5 apiece
- Weebit Nano says funds will go toward accelerating the commercial roll-out and development of its ReRAM technology
- Shares in WBT are up 2.34 per cent and trading at $5.24 at 2:00 pm AEST
Weebit Nano (WBT) has raised $15 million through an upsized and scaled-back share purchase plan (SPP) to existing shareholders.
The SPP brings the total funds raised for the Israel-based semiconductor company to $60 million, following the $45 million raised from its recent underwritten institutional placement.
The SPP was open to 12,185 eligible shareholders, who were able to apply for up to $30,000 in new shares at $5 per share.
Weebit Nano received applications totalling $18,641,080 from 1197 shareholders, representing a participation rate of 9.8 per cent and an average application amount of $15,573.
The company said the strongly supported oversubscribed SPP was then upsized to $15 million from the original $10 million.
Weebit Nano confirmed it would scale back the SPP in a way that “maximises the outcomes for its supportive shareholders”.
The company confirmed funds raised will go toward accelerating the commercial roll-out and development of its ReRAM technology.
With the bolstered balance sheet, WBT believes it’s in a better position to address the growing demand for better-performing non-volatile memory (NVM) technologies.
“We are extremely grateful for the strong support again shown by our loyal retail
shareholders,” WBT CEO Coby Hanoch said.
“The funds raised ensure we are well-positioned to capitalise 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,” he added.
Allotment of the new shares is expected to occur on April 26.
Shares in WBT were up more than two per cent and trading at $5.24 at 2:00 pm AEST.