Weebit Nano announces to raise AU$45 million via underwritten placement

Weebit Nano Ltd (ASX: WBT) had announced a fully underwritten institutional placement to raise approximately AU$45 million. The firm will issue about 9 million new fully paid ordinary shares at an issue price of AU$5.00 per new share under the placement. Weebit Nano also plans to establish a non-underwritten share purchase plan (SPP) to raise up to AU$10 million under the same terms as the placement.

The proceeds of the placement will be used to fund the further development and commercialization of Weebit Nano's ReRAM technology, allowing the company to capitalise on significant opportunities in the NVM market as it advances its commercialization strategy with leading foundries and potential customers.

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