Weebit Nano (ASX:WBT) said it has launched a fully underwritten institutional placement to raise AU$80 million from new and existing institutional investors, alongside a non-underwritten placement targeting up to AU$10 million from Israeli investors, according to a Thursday Australian bourse filing.
The company said it will issue about 19.8 million new securities under the placement and is targeting about 2.5 million new securities under the Israeli placement, each at an issue price of AU$4.05 per security, the filing added.
Weebit Nano also intends to launch a non-underwritten share purchase plan to raise up to an additional AU$15 million, the filing added.
Funds raised will be used to develop the company's ReRAM technology and AI offerings, as well as for general corporate purposes, the filing added.