Weebit Nano Ltd (WBTNF)

[56Chevy]

Weebit Nano finds an Aussie director to resume trading

Jun 29, 2023 – 2.14pm

Weebit Nano has elevated its company secretary to its board, resolving a governance shortfall that caused shares in the chip manufacturer to be suspended when director Fred Bart resigned on Tuesday and the company couldn’t meet its statutory quota of board members.

The installation of an acting director ends a bizarre chapter for Weebit Nano, one of the fastest rising stocks on the ASX this year. Mr Bart’s abrupt resignation, effective immediately, left the board without enough Australian directors – at least two Australian residents – to comply with the Corporations Act.

Weebit Nano shares sank 17.9 per cent to $5.70 on Tuesday before the market operator suspended it. Its shares resumed losses on Thursday, trading down 1.75 per cent to $5.60.

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Source:
https://www.afr.com/technology/weebit-nano-finds-an-aussie-director-to-resume-trading-20230629-p5dkdb

*Wild swings in pps on higher than normal volume due to Directors unexpected immediate departure/resignation.

Marker:
WBTNF
$3.70 -0.10 (-2.63%)
Volume: 97,809
.