Weebit’s securities have stopped showing any momentum after the announcement of trading halt. Technology group Weebit Nano Limited today requested for an immediate trading halt from Australian Securities Exchange due to pending announcement on capital raising.
Later, on the same date, 26 September 2018, ASX released a market announcement stating that the securities of Weebit Nano Limited have been placed in trading halt at the request of the company ahead of pending market release in respect of the capital raising by the company.
Investors have been betting over a sudden trading halt in the Weebit’s securities. Some believe it’s in respect of fresh capital issue which would kick off $150k offer, while others suspect it to be an investment from a partner or new collaborations in the industry.
It has been informed that trading halt is expected to remain in place until the earlier of 28 September 2018 or the release of market announcement by the company as stated above.
This trading halt fell just few days after the company announced the extension of voluntary escrow by its founding shareholders, comprising of two largest shareholders of the company- Chairman David Perlmutter and non-executive Director.
Ahead of releasing the shares owned by company’s founding shareholders on the completion of ASX-imposed escrow period, the Weebit Nano told that its founding shareholders have agreed to implement a further escrow period on a significant portion of their shares which covers 251,124,438 fully paid ordinary shares. Under the terms of agreement, the voluntary escrow period has commenced from 20 September 2018, which will continue till 31 March 2019.
The Israel-based semiconductor company Weebit Nano expects to achieve a significant growth with the development and commercialization of next-generation memory chips technology, highly demanded for the development of AI applications. Its products are used in smartphones, consumer electronics, tablets, enterprise storage, automotive infotainment and internet of things (IOT). As at August 2018, the cash in hand of the company was A$3.36 million.
Weebit Nano’s stock last traded at $0.045. The stock was seen moving up last week, surging 2.273% to trade at $0.045 on 21 September 2018. However, no daily price change has been observed this week. The stock has recorded a performance change of +150% over the past one year but it seems to be slipping down recently as WBT’s performance changed by -38.36% in the last three months.
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