Israel-based RRAM developer Weebit Nano has made its debut on the Australian share market, trading under the ticker ASX:WBT, following a reverse merger with a mining company shell called Radar Iron Ltd.
As part of the share floating, Weebit raised $5 million AUD, and the company reportedly aims to raise a further $10 million AUD in the coming weeks. The company's shares started the day at 5 cents but ended it on 4 cents putting the market cap at $13.4 million AUD.
Weebit, based in Israel, is commercializing technology originally developed at Rice University. The company is currently negotiating with "major semiconductor manufacturers" regarding joint venture development. The company expects to show a commercially viable product within 18 months, and hopes to get its products on the market by 2020.
In January 2016 Weebit announced a "significant breakthrough" in its nano-porous silicon-oxide (SiOx) RRAM memory devices development. Weebit has managed to scale down its device filament (the conductive path that either allows a current to flow or not) to a sub-5nm scale, without any deterioration of performance reliability.