Shares in ASX technology company Weebit Nano Ltd (ASX: WBT) raced more than 20% higher on Thursday after the company announced it had raised another $15 million and a new major shareholder emerged.
Strong demand for new shares
The company said in a statement to the ASX that a share purchase plan priced at $4.05 per share had raised the new funds, bringing the total raised, including an institutional placement, to $102 million.
Shareholders who took up the new shares are already sitting on healthy gains, with Weebit Nano shares changing hands for $6.08 at market close on Thursday, up 21.6%.
Weebit Nano Chief Executive Officer Coby Hanoch said:
The Board and I are incredibly grateful for the strong support we continue to receive from our loyal retail shareholder base. Weebit is at an exciting juncture in the Company’s history with AEC-Q100 (automotive grade) qualified ReRAM, multiple licensing agreements with leading foundries and IDMs, two commercial product prototypes integrated with Weebit ReRAM, and a world class executive team. While our ReRAM technology already outperforms competitor offerings across most technical parameters, this capital enables us to scale up and accelerate the commercialisation of our ReRAM technology to cement our market leadership and expand our footprint. The ReRAM race will be run and won in the coming years, and we want to make sure we not only have the best technology in the market but are able to support emerging AI demands alongside a significant step-up in licensing agreements.
Mr Hanoch said the company’s strengthened balance sheet would help it accelerate its growth ambitions and address new market segments.
Major Israeli backer
A separate lodgment with the ASX on Thursday identified Israeli company Meitav Investment House as a significant shareholder in the company with a 5.37% stake.
The website of the publicly-listed investment house says it manages more than ILS407 billion for more than one million clients.
Weebit Nano also earlier this month said two of its customers had successfully taped out (released to manufacturing) chip designs intended for mass production, with both including the Weebit ReRAM module.
The company said at the time:
Tape-out by product customers is an important milestone on the path to mass production and marks the achievement of one of the three 2026 targets set at Weebit’s 2025 Annual General Meeting.
Weebit Nano shares have appreciated from lows of $1.43 over the past 12 months.
The ASX technology company is now valued at $1.42 billion.
The post Why did shares in this ASX technology company surge more than 20%? appeared first on The Motley Fool Australia.
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.