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Weebit Nano (ASX:WBT) - CEO, Coby Hanoch
CEO, Coby Hanoch
Source: iTWire
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  • Israeli memory technology developer Weebit Nano (WBT) says that while the COVID-19 pandemic has stalled some operations, opportunities are presenting themselves in China
  • Due to lockdown measures in France, Weebit’s development partner Leti has temporarily stopped operations, hence slowing development efforts
  • Weebit’s Israel-based team is working from home but the company does not expect this to have any material impact on operations
  • Positively, with China now back online after its pandemic lockdown, Weebit is actively engaged with XTX Technology and other companies
  • Weebit Nano shares gained 12.3 per cent today to close at 32 cents each

Israeli memory technology developer Weebit Nano (WBT) has issued an update on its business operations during the COVID-19 Pandemic.

Due to lockdown measures in France, Weebit’s development partner Leti has temporarily stopped operations, hence slowing development efforts.

In Israel, where there is also a nationwide lockdown, Weebit’s team is working from home but the company does not expect this to have any material impact on operations.

Like many other businesses, Weebit has introduced a raft of cost-cutting measures to see it through the pandemic as CEO Coby Hanoch explained in a Market Eye interview.

“Given the current environment we are operating in, we have taken decisive actions around reducing operating expenses, implementing a travel freeze, Directors not drawing fees, reducing employee salaries,” he said.

In positive news, with China now back online after its pandemic lockdown, Weebit is engaging with potential partners in this rapidly growing semiconductor market.

One such Chinese company is XTX Technology, and while the pandemic interrupted work towards a collaboration, technical discussion are now underway.

“After signing the Letter of Intent with XTX Technology in August 2019, they immediately wanted to validate Weebit Nano’s technology in their facility. This was achieved in December 2019, four months ahead of schedule, and was a very important milestone for us,” explained Mr Hanoch.

“Following their successful independent external technology validation in December 2019, we are now in technical discussions defining how to integrate Weebit Nano’s unique ReRAM technology into their products,” he continued.

“Obviously, things were put on hold as China navigated COVID-19, but with China back online we are now very actively engaged with XTX,” he concluded.

It is not the only company in China interested in Weebit’s technology, with the company signing a Letter of Intent with SiEn in February this year.

Weebit Nano shares gained 12.3 per cent today to close at 32 cents each.

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