Israel-based RRAM developer Weebit Nano announced it has raised $6.6 million AUD via a two-tranche placement. The funds will be used to complete its memory module development, transfer the technology to a production fab and continue its work on discrete RRAM memory technology.
Weebit says that the placement was priced at a discount of around 22% to its current share price. The company now hopes to accelerate its development work and make up lost time from the COVID-19 shutdown.
In October 2019 Weebit secured $3.1 million in a combined placement and entitlement offer. The company has also announced that it is progressing in its project to develop a customized ReRAM memory module for its South Korean customer - and aims to to deliver the module in mid-2020.