Weebit Nano to advance semiconductor memory tech commercialisation with $45m placement goal

Image credit: Weebit Nano

Advanced semiconductor memory technology Weebit Nano has launched a fully underwritten institutional placement to raise approximately $45 million in a bid to accelerate the development and commercialisation of the company’s advanced ReRAM semiconductor memory technology.

The ASX-listed company also intends to launch a non-underwritten share purchase plan (SPP) to raise up to an additional $10 million on the same terms as the placement.

The proceeds of the offer will allow Weebit Nano to capitalise on considerable prospects in the Non-Volatile Memory (NVM) sector as the business moves forward with its commercialisation strategy with top foundries and potential customers, the company said in a press release. 

Weebit Nano CEO Coby Hanoch expressed his delight to announce the important transaction.

“Funds raised will be applied to accelerating the development and commercialisation of our leading and innovative ReRAM technology, allowing us to deliver on the attractive opportunities we see as commercial interest in Weebit Nano’s technology continues to grow,” Hanoch explained. 

The SPP will provide each eligible shareholder with the opportunity to apply for up to $30,000 worth of new shares at the same issue price as the placement being $5.00.

Settlement of new shares issued under the placement is expected to occur on Tuesday, 28 March 2023, with an allotment of the new shares issued under the placement scheduled for Wednesday, 29 March 2023. 

The company said the placement will take place as a single tranche and fall within the company’s available Listing Rule 7.1 capacity.

Jefferies (Australia) Pty Ltd and Canaccord Genuity (Australia) Limited are acting as the placement’s joint lead managers, bookrunners, and underwriters. 

With respect to the offer, Automic Markets (formerly known as Market Eye) is acting as Weebit Nano’s corporate advisor.

Shareholders can get further information about the SPP by contacting the company’s share registry. 

The new shares issued under the Placement and the SPP will be offered for a quotation on the ASX by Weebit Nano.