- Weebit Nano (WBT) has upsized its recent share purchase plan (SPP) from $500,000 to $2.52 million, after closing oversubscribed
- The original SPP attracted a total of $2.75 million in offers from shareholders, prompting the company to upsize
- Combined with the $6.6 million raised via a recent placement, the company now has an additional $9.1 million in equity
- The money will be used on memory work, and to help it progress towards a commercial agreement
- Shares in Weebit closed up 1.75 per cent at 29 cents each, following the upsize news
Weebit Nano (WBT) will walk away with a lot more cash than expected, upsizing its recent share purchase plan (SPP) from $500,000 to $2.52 million.
The upsizing follows the original SPP that was launched earlier this month. The upsizing attracted strong shareholder support, with applications totalling $2.75 million.
The Weebit board then decided it would be more 'equitable' for the SPP amount to be increased, rather than scaling back applications.
In total, the company said it has raised $2.52 million from the oversubscribed plan, and when combined with a recent placement, it had $9.1 million in equity to spend.
Weebit said the money will be used to complete its memory work and to help it progress towards a commercial agreement.
In the meantime, the share purchase plan will be settled later this week, pending approval being received at a general meeting.
If all goes ahead, more than nine million new shares, and over nine million options, will be issued to eligible shareholders.
While the shareholders set to miss out on the SPP are those who hold less than 30 shares in the company.
Weebit shares closed up 1.75 per cent following the upsize announcement, trading for 29 cents each at the close of market today, July 20.
