- Weebit Nano (WBT) has raised $9.9 million following an oversubscribed entitlement offer
- The company closed the offer on Monday, raising $4.4 million from the offer of 1.56 million new shares
- Additionally, $5.5 million was subscribed for under a shortfall offer which will be allocated to existing, supportive shareholders
- Following a $25.7 million placement, gross funds raised total $35.6 million, which Weebit Nano says will help the company capitalise on its growth opportunities
- Weebit Nano last traded at $2.87 on December 2
Weebit Nano (WBT) has raised $9.9 million following an oversubscribed entitlement offer.
The developer of next-generation memory technologies for the global semiconductor industry closed the offer on Monday, after receiving acceptances for 1,546,818 new fully paid ordinary shares – 44 per cent of the total entitlements available for subscription, resulting in a raising of $4.4 million.
Additionally, $5.5 million is set to be raised through the issue of 1,951,154 new fully paid ordinary shares to existing shareholders of Weebit that applied. These shares comprise the shortfall under the company’s entitlement offer.
The shortfall offer was oversubscribed. Due to this, the Weebit board allocated shares to holders that had been historically supportive of the company. This meant not allocating any additional shares to shareholders with $5,000 or more total application funds and a very low number of entitlements relative to their application.
The entitlement offer and shortfall followed the completion of a placement that raised $25.7 million from four Israel-based institutional investment and pension funds.
With gross funds totalling $35.6 million, Weebit Nano said its well placed to capitalise on its growth opportunities.
The funds are set to go towards bringing forward growth initiatives that were planned for two years’ time and accelerating Weebit’s ability to deliver on opportunities it sees as commercial interest.
“Weebit Nano has entered an exciting phase in its corporate journey, transitioning from solely a research and development company into a commercial business,” Weebit CEO Coby Hanoch said.
“Weebit Nano is in a very strong position to execute on the significant and exciting growth opportunities we see ahead for our memory technology.”
Weebit Nano last traded at $2.87 on December 2.