Weebit Nano soars 37pc with ‘commercial validation’ for its ReRAM tech
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Top of the tech stocks today is Weebit Nano (ASX:WBT) who jumped a massive 37.2% off the back of signing the first commercial deal to take its ReRAM technology to volume production with a subsidiary of US-based semiconductor foundry SkyWater Technology (NASDAQ:SKYT).
It’s a key milestone for the company, and CEO Coby Hanoch said it provides “commercial validation” of Weebit’s tech.
“It enables us to bring Weebit’s cutting- edge ReRAM technology to volume production by offering it to SkyWater’s extensive customer base, in addition to customers Weebit will sign up and bring to SkyWater, putting us firmly on the path of initial and ongoing revenues,” he said.
Plus, he said SkyWater is the ideal first commercial partner for Weebit – because it specialises in advanced innovation engineering services and volume manufacturing of a wide variety of differentiated integrated circuits (ICs).
And SkyWater supports customers developing and manufacturing ICs in a range of markets including aerospace and defence, automotive, computing and cloud, consumer, industrial, and medical.
“It is a US-owned Trusted Supplier in the microelectronics industry, with our ReRAM aligning with their focus on future technologies,” Hanoch said.
“SkyWater’s and Weebit’s customers will be able to include our ReRAM within new product designs they are developing and manufacturing.
“We look forward to collaborating with SkyWater, starting immediately with the transfer of our technology to their US-based production fab.”
Essentially, SkyWater will take the company’s ReRAM technology to volume production via a license to SkyWater to manufacture customer designs containing Weebit’s technology – once the technology has been qualified.
Based in Minnesota, SkyWater is a Nasdaq-listed semiconductor company with a market cap of around US$1.3bn.
The partnership includes both technology transfer and qualification, and licensing agreements.
And the companies will also cooperate in marketing and sales activities with the goal of volume production by the end of 2022.
At just shy of $4, Weebit Nano shares are back trading near the all-time highs struck in January this year. The stock has risen by more than 1,400% since April 1, 2020.
Other ASX tech stocks with news out today
Infrastructure-as-a-service (IaaS) player DXN was unchanged today even after news its planning to acqure a Darwin data centre, undertake a $1.64 million placement and $1.5 million share purchase plan – and agreed terms for a new $4 million debt facility with PURE Asset Management
The company will acquire the data centre – which is the only continuously maintainable data centre in the NT – for around $4.6 million in cash and $200,000 worth of shares.
It has 70 racks occupied and the capacity to expand to 127 racks and provides services to the NT and Federal governments and several managed service providers, telecommunications, and enterprise customers.
“Our goal is to continue to expand our carrier-neutral Edge data centre footprint in Australia, the South Pacific and SE Asia,” DXN CEO Matthew Madden said.
The company’s share price dropped 8.33% today after announcing the ambitious opening of its fourth FREAK Entertainment venue at the Macquarie Centre in Sydney.
The venue that will include FREAK’s flagship free roam ‘Arena’, with games Arizona Sunshine Arena and Ghost Patrol and it will feature a 4 player Assassins Creed themed VR escape room, and 4 full motion VR racing simulators for car racing game Project Cars Pro.
ISA CEO Wayne Jones said the company expects trading to reach record levels as consumer come out of lockdown and enter the school holidays across NSW.
“After a brief pause due to lockdowns, we are excited to continue with the FREAK rollout in line with the company’s strategy, and to have FREAK’s fourth location open in time for the summer holiday period,” he said.