Semiconductor Startup Weebit Announces Placement Commitments Worth $1.7 Million

Sydney-listed semiconductor company Weebit Nano Ltd. has obtained commitments for a placement of 6,410,256 newly issued shares at a valuation of AUD 2.5 million (approximately $1.69 million), the company announced Tuesday. The company also announced its intention to launch an entitlement offering to existing shareholders at the same price per share as the placement. A number of directors have also committed to participating in the entitlement offer, the company said.

Founded in 2015 and based in central Israeli town Hod Hasharon, Weebit develops resistive random-access memory (ReRAM) technology. The company’s chairman, David (Dadi) Perlmutter, is Intel’s former chief product officer.

Weebit stated its intention to use the funds for the manufacturing of its 28 nanometer and 300-millimeter wafer products and to expand its team.