Australia's Weebit Nano hits over 7-week low on discounted placement

Weebit Nano

24/03/2023 01:06

** Shares of Weebit Nano  WBT.AX  fall as much as 11.7% to
A$4.890, their lowest level since Feb 2
    ** Semiconductor memory technology developer says it has
completed fully underwritten institutional placement to raise
about A$45 million ($30.05 million)
    ** Issue price of A$5.00 per share at 9.7% discount to last
close on March 22
    ** Says funds will be applied to accelerate the development
and commercialisation of co's ReRAM semiconductor memory
technology
    ** Shares on track for a fourth consecutive session of
losses
    ** Stock has risen 70.5% this year as of last close

($1 = 1.4977 Australian dollars)
    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))