Join our daily newsletter At The Bell to receive exclusive market insights
- Weebit Nano (WBT) completes $45 million placement and launches a $10 million share purchase plan as part of its largest capital raise to date
- Nine million placement shares were issued at $5 each, representing a 9.7 per cent discount to the last closing price
- The share purchase plan will allow eligible shareholders to apply for up to $30,000 worth of shares and will close on April 19
- The Israeli based semiconductor company will primarily use funds to further develop and commercialise the rollout of its ReRAM technology
- WBT shares are down 9.93 per cent, trading at $4.99 4:15 pm AEDT
Israeli based semiconductor company Weebit Nano (WBT) has completed a $45 million placement and launched a $10 million share purchase plan in its biggest capital raise to date.
The fully underwritten institutional placement saw nine million shares issued at $5 each, with funds primarily going towards further development and a commercial rollout of the company’s ReRAM technology.
The issue price represents a 9.7 per cent discount to the last closing price on March 22, and a 30.2 per cent discount to the five-day volume weighted average price (VWAP).
The placement received support from existing and new Australian and Israeli investors, as well as new international investors.
“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,” Weebit Nano’s CEO Coby Hanoch said.
“Funds raised, combined with our strong balance sheet of approximately $45 million cash at the end of December 2022, ensure we are wellplaced 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.”
Shares under the placement are expected to settle on March 28, 2023.
Following the completion of the placement, WBT has launched a share purchase plan (SPP), to raise an additional $10 million, offered at the same price as the placement.
Eligible shareholders will be able to apply for up to $30,000 worth of shares, with the SPP closing on April 19, 2023.
WBT shares were down 9.93 per cent, trading at $4.99 4:15 pm AEDT.
