Israel-based RRAM developer Weebit Nano raised $25.7 million AUD from four Israeli institutional investment and pension funds. The company also announced a pro rata non-renounceable Entitlement Offer to raise a further $9 million AUD.
The company provided shares at $2.84 AUD per share, which represents a 11.5% discount to the last closing price on 8 November 2021.
A few months ago Weebit announced that it completed the design and the tape-out of its first embedded RRAM module. Last month Weebit entered into its first commercial deal with US-based semiconductor foundry SkyWater Technologies. It also demonstrated production-level parameters of its RRAM technology in a 28nm process.