Weebit Nano Ltd (WBTNF)

[56Chevy]

Weebit Nano raises $40M to break ReRAM resistance

April 25, 2023

Startup Weebit Nano has raised $40 million to boost sales of its ReRAM non-volatile memory.

We call it a startup although it IPO’d on the Australian stock exchange in 2016 just one year after being founded to develop ReRAM technology invented and patented by Rice University’s Professor James Tour, an unusual route for an Israeli startup. It merged with Radar Iron in Australia and so gained an Australia Securities Exchange presence. It has raised money since by share placements rather than VC funding rounds, as has just happened with this $40 million gained from selling 12 million shares to international institutional investors and existing shareholders.

A statement from CEO Coby Hanoch said: “Our first ReRAM product is now available to customers through SkyWater Technology, and we are in advanced discussions with many leading fabs and integrated device manufacturers. Funds raised, combined with our strong balance sheet of approximately US$31 million cash at the end of December 2022, ensure we are well placed to transfer and qualify our ReRAM technology in Tier-1 fabs and foundries to capitalize on the growing global need for better performing memory technology.”

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Source:
https://blocksandfiles.com/2023/04/25/weebit-nano-reram-funding/

Marker:
$3.75 up 0.25 (7.1%)
Volume: 7,400

*By another name this was a "Rights offering". The added shares were sold to existing shareholders for $5 @ share. Current market price is $3.75.
IMO a window of opportunity exists in that a new retail investor could buy in now at a nice discount to what they paid.

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