Pitt street Research report - In the driver’s seat post cap raise
"WBT is progressing well on commercialisation of its SiOx ReRAM technology,with multiple collaboration agreements in place for embedded as well as discrete memory segments. The company’s recent capital raising will provide funds to support both its memory programmes and will be an important milestone to reach commercialisation before Q1 2021.
Importantly, we believe a major hurdle in WBT’s development timelines, i.e. tightness of funds, has been removed.
Additionally, the continuous technical refinements being made with Leti provide a solid foundation for WBT. A potential earlier entry into the stand-alone memory segment has also exponentially expanded WBT’s total addressable market, while the collaboration with SiEn Integrated Circuits may lead to joint manufacturing by the end of this year.
Following WBT’s recent capital raise and new shares being issued as a result, we adjust our valuation to A$1.36per share(previous: A$1.65 per share). We expect the share price to be re-rated when the company succeeds in closing its initial commercial agreements."
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