Memory tech co Weebit Nano raises $8.8m on ASX

The company says that the cash raised will enable it to accelerate development and the transfer of its technology to production fabs.

Weebit Nano, which is developing ReRAM non-volatile memory technology for the semiconductor industry, has raised $8.8 million (A$12 million) on the Australian Securities Exchange in an equity offering to private investors and financial institutions. The offering was priced at A$1.70 per share, representing a discount of about 20% on Weebit Nano’s average share price over the past ten sessions.

The offering, led by Canaccord, was substantially oversubscribed. Shareholders are able to buy additional shares to a value of $2.2 million (A$3 million) for up to two weeks from the offering date, so that Weebit Nano could ultimately raise $11 million (A$15 million).

After the current offering, Weebit Nano will have $16 million cash, in addition to the exercise of marketable warrants in the coming year for an expected $13 million. The cash raised will enable the company to accelerate development and the transfer of its technology to production fabs, ahead of a first commercial agreement by the middle of next year.

Last week, Weebit Nano reported on the expansion of its strategic agreement with French research institute CEA-Leti. “Our financial strength enables us to broaden the strategic partnership with Leti beyond the previous plans,” said Weebit Nano CEO Coby Hanoch. “The current agreement strengthens our competitive advantage and enables us to upgrade the applications and performance of the ReRAM technology and to integrate it efficiently into a wider range of future products.”

Weebit Nano claims that its memory technology is cheaper, faster, more reliable and more energy efficient than the existing Flash technology.