HOD HASHARON, Israel, April 24, 2023 (GLOBE NEWSWIRE) -- Weebit Nano Limited (ASX:WBT), a leading developer of advanced memory technologies for the global semiconductor industry, is pleased to announce the successful completion of an approximately US$40 million (AU$60 million) fund raising through the placements of twelve million new shares to international institutional investors, as well as an oversubscribed share purchase plan (SPP) to existing shareholders.

Proceeds will fund further development and commercial roll-out of Weebit resistive random access memory (ReRAM) technology in both the embedded and discrete markets. It will also enable Weebit to capitalize on the significant opportunities within the Non-Volatile Memory (NVM) market as the company progresses its commercialization strategy with leading foundries, integrated device manufacturers (IDMs) and potential customers. Weebit’s proven embedded ReRAM technology is first available in U.S. fab SkyWater Technology’s 130nm process, which is ideal for IoT, medical and aerospace applications.

Commenting on the successful fund raise, Weebit Nano CEO Coby Hanoch said: “The strong level of support shown by new and existing institutional investors from around the globe reflects our technical progress over the past year and the significant market opportunities for our proven memory technology. We are delighted to welcome new institutional investors to our register, and take great pride that these experienced technology investors are supporting Weebit’s ground-breaking technology.

“Our first ReRAM product is now available to customers through SkyWater Technology, and we are in advanced discussions with many leading fabs and integrated device manufacturers. Funds raised, combined with our strong balance sheet of approximately US$31 million cash at the end of December 2022, ensure we are well placed to transfer and qualify our ReRAM technology in Tier-1 fabs and foundries to capitalize on the growing global need for better performing memory technology. Our ReRAM has already demonstrated it is able to scale to smaller geometries for advanced applications, and has significant competitive advantages over other existing and emerging memory technologies.”

About Weebit Nano Limited

Weebit Nano Ltd. is a leading developer of advanced semiconductor memory technology. The company’s ground-breaking Resistive RAM (ReRAM) addresses the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence. Weebit’s ReRAM allows semiconductor memory elements to be significantly faster, less expensive, more reliable and more energy efficient than those using existing Flash memory solutions. As it is based on fab-friendly materials, the technology can be quickly and easily integrated with existing flows and processes, without the need for special equipment or large investments. See www.weebit-nano.com and follow us on https://twitter.com/WeebitNano.

Weebit Nano and the Weebit Nano logo are trademarks or registered trademarks of Weebit Nano Ltd. in the United States and other countries. Other company, product, and service names may be trademarks or service marks of others.

Weebit Contacts:        
Investors
Eric Kuret, Automic Group
P: +61 417 311 335
E: eric.kuret@automicgroup.com.au

Media – Australia
Tristan Everett, Automic Group
P: +61 403 789 096
E: tristan.everett@automicgroup.com.au

Media – US
Jen Bernier-Santarini, Weebit Nano
P: +1 650-336-4222
E: jen@weebit-nano.com