Australia's Weebit Nano jumps on successful completion of fund raise

Weebit Nano

03/12/2021 04:50

** Shares of co that makes memory technology for
semiconductors  WBT.AX  rise as much as 4.5% to A$3.0, on track
for their biggest intraday pct jump since Nov.26
    ** Co says its recently closed entitlement offer raised
A$4.4 million ($3.11 million) on receiving acceptances for 1.56
mln fully paid ordinary shares  urn:newsml:reuters.com:*:nASX5Tn7pN
    ** Co raises an additional A$5.5 mln via the issuance of ~2
mln new fully paid ordinary shares adding that the offer was
oversubscribed 
    ** Adds that capital raised from the placement will be used
for supporting R&D in embedded and discrete projects and other
general working capital requirements 
    ** Stock, however, on track for its worst week since Sept.
17
    ** Shares on track for their first session of gains after
four days of losses 
    ** Stock up 18.5% this year as of last close, compared with
a 10.11% increase in the ASX all ordinaries index  .AORD  


($1 = 1.4144 Australian dollars)

 (Reporting by Roushni Nair in Bangalore)
 ((Roushni.Nair@thomsonreuters.com))