Gotta love your scrupulous perspectives Saragian !
And if 5.43 level was a logical checkpoint it means there’s BIG value in the new issue?
cheers
https://www.afr. com/street-talk/semiconductors-group-weebit-nano-shares-tanks-hits-go-on-raising-20230322-p5cudv Semiconductors group Weebit Nano shares tank, raising anyway Anthony Macdonald, Sarah Thompson and Kanika Sood
Mar 23, 2023 – 9.46am
Near $1 billion semiconductor group Weebit Nano is in a bit of a pickle, with the company’s shares tanking right as it was preparing on an equity raising.
Weebit Nano revealed its raising in the worst possible way - via its response to a speeding ticket from the ASX, asking why its shares had tanked.
Street Talk. Louise Kennerley
The ASX asked Weebit Nano if there was anything information that if known by the market could explain why its shares dropped from $6.94 to $5.72 in less than two days.
Weebit Nano said yes - something you rarely see in a speeding ticket response.
“WBT has been considering an underwritten institutional placement and a non-underwritten share purchase plan...” it said in its response, adding that no decision to proceed with the deal was made until after the close of trading on Wednesday.
The company said news of the raising hadn’t leaked, as far is it was aware, in a statement authorised by the board.
Nevertheless, it’s pushing ahead with the deal, with stockbrokers Jefferies and Canaccord in its corner underwriting a $45 million institutional placement. There was a $10 million SPP not underwritten.
It’s obviously a poor time to push ahead with a raising, with Weebit Nano dropping 36 per cent this week. The stock last traded at $5.54, to value the company at $962 million on a market capitalisation basis.
The raising is at $5 a share, a 9.7 per cent discount to the last close and a 30.2 per cent discount to the five-day VWAP.
Funds raised were for Weebit to use to have its semiconductor materials technology qualified by semiconductor fabricators and foundries.
Bids were due by 4pm on Thursday, according to details sent to potential investors.
Weebit Nano to raise $45 million via underwritten placement
Thursday, 23 March 2023 11:51
By Gordon Peters
Semiconductor memory technology developer Weebit Nano is to raise $45 million with the launch of a fully underwritten institutional placement.
The placement will see the Australian-listed Weebit Nano (ASX:WBT) issue approximately 9 million new fully paid ordinary shares at the issue price of A$5.00 per new share.
Weebit Nano also announced that it intends to launch a non-underwritten share purchase plan (SPP) to raise up to an additional A$10 million on the same terms as the Placement (together with the Placement, the Offer).
Weebit Nano ReRAM enables semiconductor designs to be faster, lower cost, more energy efficient and more environmentally friendly than those using flash or other emerging Non-Volatile Memory (NVM) technologies.
Weebit Nano entered into a licensing agreement with US-based semiconductor foundry SkyWater Technologies in September 20211, and the two companies are now offering Weebit Nano ReRAM to customers in domains such as aerospace, medical and IoT.
Proceeds of the Offer will fund the further development and commercialisation of Weebit Nano’s ReRAM technology, enabling Weebit Nano to “capitalise on significant opportunities” in the NVM market as the company progresses its commercialisation strategy with leading foundries and potential customers.
“We are very pleased to announce this important transaction. Funds raised will be applied to accelerating the development and commercialisation of our leading and innovative ReRAM technology, allowing us to deliver on the attractive opportunities we see as commercial interest in Weebit Nano’s technology continues to grow,” Weebit Nano CEO Coby Hanoch said:
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