Weebit Nano raises $15 million in oversubscribed SPP

Image credit: Weebit Nano

ASX-listed semiconductor developer Weebit Nano Limited has collected nearly $15 million in an upsized and scaled-back share purchase plan (SPP) for existing shareholders. 

The proceeds follow the successful completion of a $45 million underwritten placement to institutional and sophisticated investors at $5 per new share, which was announced on 24 March. 

The SPP was open to 12,185 eligible shareholders and was upsized to approximately $15 million, up from $10 million. 

The $15 million and $45 million funding collected from SPP and the underwritten placement, respectively, will be used for the transfer and qualification of Weebit Nano’s ReRAM to new Tier-1 fabs and foundries, the ASX-listed company said

Weebit Nano said the funding would also allow it to cater to the growing demand for better-performing non-volatile memory (NVM) technologies, as existing flash is no longer viable for more advanced applications and geometries. 

“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,” said Coby Hanoch, chief executive officer at Weebit Nano

“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,” Hanoch added. 

The company’s first ReRAM Module is now available in US fab SkyWater Technology’s 130nm process and has demonstrated the ability to scale down to 22nm. 

“These achievements, combined with our industrial qualification data, are supporting our discussions with the majority of the world’s leading fabs and integrated device manufacturers,” the company’s CEO said. 

Weebit Nano’s allotment of new shares is scheduled for 26 April, with the issue of over 3 million fully paid ordinary shares.