Weebit share placement to raise AU$12 million
Weebit said intends to offer existing shareholders the opportunity to buy up to AU$30,000 ordinary shares under the same terms as the placement to raise up to an additional AU$3 million (about US$2.2 million).
Weebit’s technology is based on the programmable resistance across thin layers of silicon oxide. The money will be used to support neuromorphic technology research and increase marketing activities in the embedded memory sector, the company said. The company added that it is on track to achieve its first commercial agreement by mid-2021.
Weebit said it will continue to work on stand-alone memory development whilst also developing the next generation of its neuromorphic demo.
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