Chart Analysis
WBT Daily Timeframe Chart as of 14 May 2026
Weebit Nano (ASX: WBT) Completes A$102M Capital Raise With Oversubscribed SPP — Pro-Forma A$172M Cash to Scale ReRAM Across Texas Instruments, onsemi and AI Applications
The final piece of a A$102 million capital raise is done. Weebit Nano's A$15 million Share Purchase Plan at A$4.05 per share was oversubscribed — A$21.5 million in applications from 881 shareholders forced a 14.2% scale-back — completing the funding round alongside the A$80 million fully underwritten institutional placement and A$7 million Israeli investor placement announced in March 2026. Pro-forma cash stands at approximately A$172 million. The capital funds the acceleration of ReRAM technology scale-up across Tier-1 licensing partners including Texas Instruments and onsemi, fast-tracking of AI offerings (in-memory compute, neuromorphic processing), and general corporate purposes. The stock moved +21.6% to $6.080 on 14 May 2026, approaching the $6.250 52-week high.
The A$102M Raise — Structure and Demand Signals
| Component | Amount | Price | Status |
|---|---|---|---|
| Institutional placement (fully underwritten) | A$80 million | A$4.05 | Completed March 2026 |
| Israeli investor placement | A$7 million | A$4.05 | Completed March 2026 |
| Share Purchase Plan | A$15 million | A$4.05 | Completed May 2026 (oversubscribed) |
| Total | A$102 million |
The SPP's 43% oversubscription (A$21.5M demand vs A$15M target) at an average application of ~A$24,390 across 881 shareholders (6.6% participation rate) demonstrates retail conviction alongside the institutional support. Shareholders holding 100 shares or fewer at the record date received no allocation. The A$4.05 issue price is approximately 33% below the announcement-day close — meaning participants who were allocated are sitting on immediate paper gains.
Where the Money Goes — ReRAM Commercialisation at Scale
Weebit licences ReRAM (Resistive RAM) technology to foundries, IDMs, and product companies as a successor to embedded flash memory — offering speed, power, and cost advantages at geometries below 28nm where flash is not viable. The business model is IP licensing and royalty-based: Weebit doesn't make chips, it licences the technology to companies that do.
Current Tier-1 engagements include Texas Instruments and onsemi, with test chips at onsemi performing as expected. ReRAM has been qualified to AEC-Q100 automotive standards (including 150°C) and JEDEC standards at DB HiTek. Multiple product companies are designing Weebit ReRAM into security, smart battery management, automotive, IoT, and edge AI applications. Yole Group forecasts ReRAM will grow 45-fold by 2030, representing more than half of the US$3.26 billion embedded emerging NVM market.
Record H1 FY26 revenue of A$5.6 million (8x year-on-year) supports FY26 guidance of more than A$10 million. First royalty revenue from volume production is expected in FY27 — the inflection point where the licensing model begins generating recurring, high-margin income at scale.
Risks & Considerations
Weebit remains loss-making with trailing losses of A$38.4 million, and profitability is not expected within three years. The 18–24+ month cycle from licensing to foundry qualification to mass production means royalty revenue is still at least a year away. ReRAM competes with MRAM, phase-change memory, and evolved embedded flash — there is no certainty it becomes the dominant standard. Current revenue is concentrated in a small number of agreements.
The A$102 million raise has materially expanded the share count, with the A$4.05 issue price 33% below the current market. The stock has rallied approximately 325% from its $1.430 52-week low — a magnitude that introduces retracement risk if the commercialisation timeline extends or key customer milestones slip.
Key Dates & Timeline
| Date | Event |
|---|---|
| H1 FY26 | Record revenue A$5.6M (8x YoY); TI and onsemi licensing |
| March 2026 | A$87M institutional + Israeli placements at A$4.05 |
| 14 May 2026 | A$15M SPP completed (oversubscribed); stock moved +21.6% |
| FY26 | Revenue guidance >A$10 million |
| FY27 | First royalty revenue expected from volume production |
| By 2030 | ReRAM forecast >50% of US$3.26B embedded emerging NVM market |
Price Data
- Previous Close: $5.000
- Close Price (14 May 2026): $6.080
- Change (14 May 2026): +21.6%
- 52-Week Range: $1.430 – $6.250
Notable Price Levels
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$6.250 — 52-week high, sitting just 2.8% above the announcement-day close. The stock is approaching this level and a sustained close above it would place WBT in uncharted territory with no historical overhead supply — a breakout scenario driven by the A$172M cash position and approaching FY27 royalty inflection.
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$6.080 — announcement-day close, within 2% of the $6.130 session high. The tight close-to-high spread indicates sustained buyer control with minimal selling pressure into the close — one of the most constructive session dynamics in this article series for a stock of this market capitalisation.
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$4.050 — the issue price for all A$102 million raised (placement + SPP). This is the institutional and retail cost basis — the most significant reference level. Below $4.05, every participant in the raise is at a loss. The 50% gap between the issue price and the current close represents substantial embedded paper gains.
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$1.430 — 52-week low. A return here would reverse the entire ~325% rally and the A$102M capital raise narrative, pricing WBT back to its most pessimistic valuation before the current commercialisation momentum.
Summary
Weebit Nano completed an oversubscribed A$15 million SPP at A$4.05 per share — the final component of a A$102 million capital raise that brings pro-forma cash to approximately A$172 million. The SPP attracted A$21.5 million in applications from 881 shareholders, requiring a 14.2% scale-back. The stock moved +21.6% to $6.080 on 14 May 2026, approaching the $6.250 52-week high. The capital accelerates ReRAM scale-up across Tier-1 partners including Texas Instruments and onsemi, with first royalty revenue expected in FY27 as customers complete qualification and move to production. Record H1 FY26 revenue of A$5.6 million supports FY26 guidance of more than A$10 million. Weebit remains loss-making with trailing losses of A$38.4 million, and the ReRAM market is forecast by Yole Group to grow 45-fold by 2030.
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