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- 4DS Memory (4DS) has successfully raised $3.1 million via a share purchase plan
- The raise was announced late last month following the completion of a $4.5 million placement
- 4DS set out to raise $2.5 million under the share purchase plan but it received strong support to which the company accepted
- 4DS will use the total $7.6 million in funds to develop its Interface Switching ReRAM technology with imec and Western Digital’s subsidiary, HGST
- Company shares are up 4.55 per cent and are trading for 4.6 cents
4DS Memory (4DS) has successfully completed a share purchase plan to raise $3.1 million.
On June 29, the semiconductor development company announced its intention to launch a share purchase plan (SPP) after a $4.5 million placement.
Originally, 4DS aimed to raise $2.5 million via eligible shareholders. The shareholders were able to subscribe for up to $15,000 in new shares at 4.5 cents per share, without any brokerage or other costs.
However, at the close of the SPP, 4DS received valid applications for $3.1 million. Based on the strong support, the company chose to go ahead and accept the oversubscriptions.
The funds from the placement and SPP, totalling $7.6 million, will help 4DS develop its Interface Switching ReRAM for Storage Class Memory.
The new shares issued under the SPP will be allocated on July 29 and normal trading is expected to commence on the following day.
Company shares are up 4.55 per cent and are trading for 4.6 cents each at 1:00 pm AEST.
